More Fannie Mae mortgage business is ending up in multi-issuer pools as more lenders turn to direct sales to the government-sponsored enterprise, and experts say the company has been able to turn the trend to its advantage in the securities market. According to a new loan-level analysis of single-family mortgage-backed securities by Inside Mortgage Finance, some 39.1 percent of Fannies MBS production in the first quarter of 2013 was in multi-issuer pools. That compared to 30.0 percent, by dollar volume, of the GSEs MBS issuance back in the first quarter of last year. Single-seller pools, generated mostly by the giants of the mortgage lending industry, continue...
Feedback from residential servicers indicates that the number of new loan modifications on mortgages in non-agency MBS this year will be near levels seen last year.
Guaranty fees need to be raised by roughly 10 basis points in order for the pricing between agency and non-agency deals to be comparable, according to a new report.