Among the changes, the two GSEs will no longer require that a lender automatically repurchase a residential loan when a mortgage insurance company rescinds coverage.
Overall, refi loans accounted for 45.7 percent of agency MBS production in the first four months of 2014, compared to 77.2 percent during the same period last year.
Non-QM mortgages will exist throughout the credit spectrum, according to Mitch Hochberg, a partner at Fenway Summer and general counsel at Ethos Lending, a start-up wholesale mortgage originator.
It’s now believed that the legislation will clear the committee, but Majority Leader Harry Reid will not allow it to move any further because of weak support overall.
Fannie Mae, Freddie Mac and Ginnie Mae issued a combined $67.1 billion of single-family MBS during April, a solid 23.6 percent increase from the previous month, according to a new analysis and ranking by Inside MBS & ABS. Agency MBS issuance has been in a prolonged downward spiral that started after a modest spurt in production in April 2013, when new issuance hit $153.6 billion, well more than double the volume in April of this year. The upside is that the volume of purchase mortgages coming into the agency market continued to build momentum through the peak home-buying season in 2013. The purchase-mortgage sector has become...[Includes two data charts]
The Federal Housing Finance Agency may soon ask for industry feedback on loan-level price adjustments, those annoying charges that result in extra fees being heaped on borrowers because they have FICO scores or downpayments that don’t fall into the category of being “pristine.” Moreover, industry executives, their lobbyists and advisors believe that over the next few months the agency may offer a trade: no increase in guaranty fees in exchange for some tweaking of LLPAs. Industry observers believe...
Bayview Asset Management announced late last week that it will delay the issuance of a non-agency MBS backed by re-performing subprime mortgages with an unpaid principal balance of $215 million. The delay was prompted by concerns about property valuations and loss severity. Standard & Poor’s issued a presale report on Bayview Opportunity Master Fund Trust 2014-9RPL on April 28, and the deal was scheduled to close May 12. The MBS was set to receive a AAA rating from S&P, but the rating service said it withdrew its preliminary rating due to Bayview’s extension of the planned closing date. The delay in closing was prompted...
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