Plenty of executives we’ve spoken to the past few months believe the industry is in for a considerable spate of M&A in the year ahead. Then again, we’ve heard that prediction before...
The secondary market in transfers of agency mortgage servicing rights continued to gain momentum during the third quarter of 2017 as long-time players in the mortgage industry executed plans to shift strategy. A new Inside Mortgage Trends analysis of agency mortgage-backed securities disclosures shows an estimated $150.80 billion of Fannie Mae, Freddie Mac and Ginnie Mae servicing changed hands during the third quarter. Much of the activity reflected ... [Includes three data charts]
Ocwen’s recent barrage of regulatory settlements, coupled with the sale of the wholesale division and the recent hiring of investment banker Chris Whalen, is sparking talk...
New production of non-mortgage ABS slackened during the third quarter as several key sectors retreated from unusually strong volume numbers in the previous three-month period. A new Inside MBS & ABS ranking and analysis reveals total ABS production fell 16.7 percent from the second quarter to $49.43 billion. That brought year-to-date volume to $162.18 billion, up 15.5 percent from the first nine months of 2016. Unless production tanks in the ... [Includes two data charts]
Arch Capital Group is set to issue a mortgage-insurance linked note transaction. Unlike two other re-insurance deals from a similar shelf, Bellemeade Re 2017-1 received credit ratings, expanding the investor base for the transaction. A mezzanine tranche of the deal received preliminary BBB ratings from Morningstar Credit Rat-ings this week. Mortgages delivered to the government-sponsored enterprises with an unpaid principal balance of $29.30 billion are included in the transaction ...
The securities industry is backing Ginnie Mae’s stepped-up efforts to curb loan churning and rapid refinancing of VA loans and expressed its concern over how such improper lending practices might affect borrowers and MBS investors. In a letter this week to Michael Bright, Ginnie’s chief operating officer and acting president, the Securities Industry and Financial Markets Association lauded the agency’s investigation of aggressive refinancing of VA loans. The practice has ...
Citadel Servicing Corp. has talked about issuing its first non-prime MBS, possibly late this year, and this week cleared a hurdle when it received lender and servicer ratings from Morningstar. According to sources close to the company, the anticipated MBS – backed by newly originated loans that do not meet the qualified-mortgage test – could be as large as $250 million. Nomura is assisting Citadel with the deal, a source noted, adding that the bond may not actually hit the market until ...
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