Whole-business securitization activity has been stable in recent years as issuers and investors see benefits from the funding option.

A lot of pieces have fallen into place for the scheduled June 2019 launch of the single security in the to-be-announced market, but one that hasn’t is a greenlight from the organization that sets TBA rules: the Securities Industry and Financial Markets Association.

Residential MBS holdings of commercial banks and savings institutions declined 0.7 percent during the third quarter, according to a new Inside MBS & ABS analysis of call-report data. [Includes two data charts.]

Carrington Mortgage this week announced the launch of its correspondent lending division.

In its comment letter to the FHFA, Fannie Mae suggests the rule should use original credit scores and LTV ratios, rather than mark-to-market values…

Wells Fargo remained the top producer of correspondent-originated loans with $26.64 billion in third-quarter volume and a 20.2 percent share of the market…

Ed Pinto wants a 4.0 percent capital ratio for Fannie Mae and Freddie Mac...

Visio originates through the retail channel but also uses loan brokers…

Increasingly worried about the financial condition of its largest nonbank issuers amid declining market conditions, Ginnie Mae in late October shot off a liquidity letter to 14 companies, asking them to develop contingency plans. The identity of the firms was not revealed to Inside FHA/VA Lending, but it’s no secret which companies rank among the top echelon of issuer/servicers. The five largest nonbank Ginnie MBS servicers as of Sept. 30 are PennyMac Financial Services, Lakeview Loan Servicing, Freedom Mortgage, Quicken Loans and Mr. Cooper. According to the letter, a copy of which was obtained by this publication, Ginnie wants the companies to develop strategies to right-size their operations. One of the agency’s goals is to lay the groundwork for financial stress tests that all issuer/servicers eventually must meet. Ginnie expects to sit down with the executive management teams of the ...

This week, Ginnie Mae issued an all-participants memo dictating new standards for firms seeking to become issuers, including the stipulation that applicants submit to a corporate credit evaluation. Ginnie said the financial exercise will be “similar to those employed by credit rating agencies.” The evaluation will determine whether an applicant is qualified to be an issuer or whether additional criteria should be imposed even if the basic standards are met. Applicants that rely on a subservicer arrangement will be scrutinized even more. The bulletin also notes that, effective immediately, the agency is implementing new notification requirements for MBS issuers engaged in “certain subservicer advance or servicing income agreements, which do not require prior Ginnie Mae approval, but can impact an issuer’s ongoing liquidity position and financial obligations.” While Ginnie currently permits subservicers to advance ...