FirstKey Lending and B2R Finance are vying to be the first issuer of a multi-borrower single-family rental securitization. The activity follows 16 single-borrower single-family rental transactions that have been issued since November 2013. The first presale report on a multi-borrower single-family rental transaction was published March 31 by Kroll Bond Rating Agency. The $240.79 million FirstKey Lending 2015-SFR1 is set to receive a AAA rating with credit enhancement of 37.75 percent on the senior tranche, according to the rating service. FirstKey is owned by affiliates of Cerberus Capital Management. On April 1, Fitch Ratings published...
Limited refinancing opportunities for borrowers already at the lowest end of the interest rate spectrum continue to drive down voluntary prepayments on re-performing loans, according to a report by Moody’s Investors Service. “We estimate that only 15 percent of all re-performing subprime loans and 12 percent of all re-performing Alt A loans could have potential refinancing options,” said Moody’s. The borrowers received...
JPMorgan Mortgage Acquisition Corp. is an “above average” aggregator of jumbo mortgages, according to a rating issued last week by Moody’s Investors Service. “JPMMAC’s strengths include the financial strength of its parent company and extensive controls which ensure consistent production quality,” the rating service said. Chase’s jumbo conduit operation buys closed loans from approved sellers and doesn’t originate mortgages. Of the approximately 9,800 jumbos ...
Ginnie Mae mortgage-backed securities issuance fell in the first quarter of 2015 with FHA volume slipping during the period, according to an Inside FHA/VA Lending’s analysis of agency data.Ginnie MBS production in the first quarter totaled $79.8 billion, down from $80.6 billion in the 4Q14, despite a 29.3 percent increase from February to March. On the other hand, production was up 41.6 percent from a year ago.FHA-backed Ginnie MBS issuance dropped 3.1 percent in the first quarter from 4Q14, ending the period with $39.9 billion. Year-over-year volume rose 22.0 percent from the previous year. On the other hand, refinancing increased to $12.3 billion from $7.8 billion during the same stretch. VA securitization totaled $35.5 billion, up from $33.6 billion quarter-over-quarter, powered by refinance loans. Rural housing securitization totaled $4.2 billion in the first quarter, down from $5. 7 billion in 4Q14. Securitized FHA purchase loans rose 7.7 percent in March from February, while ... [3 charts].
The Department of Veterans Affairs will continue removing barriers to delivering home-loan benefits to veterans and service members in 2015, focusing more on further improvements in appraisal and servicing. “It’s going to be geared around improving on the things we have already done,” said Mike Frueh, director of the VA Home Loan Guaranty program. VA loan originations are on the upswing and the agency wants to maintain the trend by getting more vets and active-duty personnel into the program. Last year, 18 percent of VA loans were to active-duty service members and 82 percent to veterans. Frueh said the VA program is by far the better deal. Interest rates are lower on a VA loan than on conventional loans and, generally requires no downpayment, he noted. In addition, VA loans do not have mortgage insurance. Based on the volume of VA loans originated in 2014, veteran borrowers ...
According to an informational circular on Angel Oak Mortgage Solutions, some of the top executives at the firm used to work for Southstar Funding in Sandy Spring, GA.
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