Redwood Trust is looking to expand its footprint into funding originations by nonbanks as well as putting a greater emphasis on acquiring investment-property mortgages. The strategy announced this week was detailed one day after Redwood revealed that its CEO will retire in May. Officials said changes in the housing market have created opportunities for the real estate investment trust to “leverage our competitive strengths and expand our strategic mission.” They said funding ...
The nonprime mortgage-backed security closed by Angel Oak Capital Advisors at the end of November was oversubscribed, according to Lauren Hedvat, director of capital markets at the firm. The $210.2 million AOMT 2017-3 was backed by mortgages originated by Angel Oak Mortgage Solutions, Angel Oak Home Loans and Angel Oak Prime Bridge. Non-qualified mortgages accounted for 83.9 percent of the dollar volume in the MBS. Angel Oak said it’s ... [Includes two briefs]
Ginnie Mae has issued expanded guidelines to protect veterans and investors from harmful loan churning and rapid prepayments in mortgage-backed securities. The changes, along with additional measures under consideration by a joint Ginnie Mae/VA refinance task force, are aimed at ensuring continued strength and liquidity of the Ginnie Mae MBS program, said Michael Bright, the agency’s acting president. The latest guidelines expand on an initial measure Ginnie implemented requiring six-months of seasoning of VA loans before they can be refinanced and delivered into Ginnie MBS pools. However, some lenders have found ways around the measure and have continued their questionable lending practices, said Bright during recent testimony before a House Financial Services subcommittee. Churning is both illegal and unethical because it preys on unsuspecting borrowers, who are pressured by ...
Congress on Thursday passed a stopgap-spending bill to prevent a potential government shutdown and to give lawmakers time to negotiate crucial issues. The House voted 235-193 to pass the measure. A short time later, the Senate quickly approved it 81-14. The temporary spending bill will keep the government running through Dec. 22. The continuing resolution or CR, that has kept the government open would have expired on Dec. 8. Both the House and Senate are scheduled to adjourn on Dec. 15. Congress will need to pass a final appropriations bill or another continuing resolution to keep the government operating after Dec. 22. Despite differences over tax reform, FY 2018 budget, immigration, health care and other issues, lawmakers do not want a shutdown, mortgage industry sources said. Republicans, in particular, hope to enact their $1.5 trillion tax package by Christmas. On the other hand, ...
Acting Ginnie Mae President Michael Bright also issued a warning that expulsion from the program for “lenders who produce pools with inexplicably fast prepayment speeds” was a distinct possibility.
It's only a matter of time before the White House officially nominates acting Ginnie Mae president Michael Bright to be the permanent head of the agency...
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