A total of $13.6 billion of rural home loans backed by the U.S. Department of Agriculture were securitized during the first nine months of 2015, according to an Inside FHA/VA Lending analysis of agency data.An estimated $5.1 billion of USDA home loans were delivered into Ginnie Mae pools in the third quarter, up 22.8 percent from the prior quarter. In contrast, the nine-month securitization volume fell 4.4 percent from the same period of the prior year. Nine of the top 10 USDA loan securitizers reported quarter-over-quarter increases. Top-ranked Chase Home Finance maintained its lead over other USDA loan securitizers with $4.2 billion in loans securitized during the nine-month period, down 4.8 percent from the previous year and up 32.8 percent on a quarterly basis. Chase’s nine-month USDA volume translated into a 31.0 percent market share. Second-place Wells Fargo funneled $1.7 billion in USDA loans into ... [ chart ]
In 2015, the two GSEs sold credit risk on about $407 billion of UPB through their back-end risk-transfer programs. The actual amount of credit risk transferred was $12.6 billion.
“The buyer did exactly what the contract allowed it to do, namely, determine that a loan was defective and demand repurchase,” Judge Wollman wrote in his ruling.
The new approach is expected to be a more cost-effective route than going through the repeated repurchase requests that have plagued lenders over the years.
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