Pacific Union Financial took in $100 million of profits. It’s not every day that a privately held nonbank tells the world what it’s earning…

DBRS said one of the strengths of the new jumbo deal is its traditional lifetime representations and warranties.

Another positive for the production market is a new willingness on the part of certain warehouse banks to finance the production of non-QM loans.

Is the investment banking arm of JPMorgan Chase sniffing around the non-QM space? It sounds crazy, we know...

With certain exceptions, credit unions invest almost exclusively in agency product, avoiding jumbo securities.

For a bond investor such as PIMCO, the attraction should not come as a total surprise.

Industry consultant Joe Garrett notes that one of his clients (back in 2003) had 52 loan officers and “about 52 comp plans”…

Six federal regulators approved a final rule this week setting risk-retention requirements for residential MBS transactions, exempting the entire agency MBS universe and non-agency securities backed by qualified mortgages. There is not that much left. The risk-retention requirements for residential mortgages will take effect one year after the final rule is published in the Federal Register, which is expected shortly. Regulators opted to align the definition for qualified-residential mortgages with the standards established by the Consumer Financial Protection Bureau for QMs. The sponsor of a non-agency MBS that includes non-QRMs will have to retain at least 5.0 percent of the balance of the security, as required by the Dodd-Frank Act. In 2011, federal regulators proposed...

Fannie Mae, Freddie Mac and Ginnie Mae have been around for decades and they dominate the residential MBS market, but the agencies are not standing still. Pushed by their federal conservator, Fannie and Freddie are rebuilding their securitization infrastructure and trying to reinvent how they do business with mortgage sellers. At the annual convention of the Mortgage Bankers Association this week, the Federal Housing Finance Agency announced an agreement in principle on changes to the representations-and-warranties framework used by the government-sponsored enterprises. Ginnie officials disclosed new issuer eligibility standards and performance evaluations. “GSE reform does not mean...

The Securities and Exchange Commission has provided more details about a pilot project to test the revised requirements for shelf registrations that are part of Regulation AB II. ABS issuers must comply with the new rules and forms, other than asset-level disclosures, no later than Nov. 23, 2015. The SEC’s Division of Corporation Finance recently invited ABS issuers to request staff review of their registration statements in draft form, prior to filing. “We will select...