The program is intended to provide smaller mortgage lenders that lack direct access to the secondary mortgage market with another option for their home buying customers.
Nonbanks are stepping up to the plate on agency MBS. Meanwhile, a handful of large "term" loans are being put together, allowing investors to finance MSRs.
Publicly traded REITs like Redwood Trust would fill the void if Fannie Mae and Freddie Mac lower loan limits next year. But they will be competing against portfolio lenders.
It appears the House of Representatives is giving up on GSE reform this year. However, the Senate could move forward, even though passage is considered a long shot, at best.
Fewer borrowers are using FHA financing, which has enabled private mortgage insurers to take back more market share from the FHA, according to Inside FHA Lending’s analysis of industry data. Borrowers are shying away from FHA due to higher mortgage insurance premiums (MIPs) that took effect early this year and to the new policy eliminating MI cancellation. Private MIs accounted for 36.6 percent of primary mortgage insurance written in the second quarter, their highest level since 2008. This was up from 32.7 percent in the first quarter and from 30.5 percent a year ago. Private MIs also provided coverage on ...
Fannie Mae is starting to market a risk-sharing transaction to investors. A Fannie spokesman said the government-sponsored enterprise is working with the Federal Housing Finance Agency to meet the goals set by the conservator of the GSEs. Mark Lefanowicz will be the CEO of Fenway Summer’s mortgage venture, according to an announcement this week by Raj Date, the founder of the firm. Fenway Summer plans to originate non-qualified mortgages and Lefanowicz has previously worked at ... [Includes five briefs]
Correspondent lenders whose mortgages end up in non-agency jumbo mortgage-backed securities could be required by issuers to retain a portion of the risk from the issuance, according to the net risk-retention rule proposed last week by federal regulators. As with the risk-retention rule originally proposed in 2011, the new proposal allows security sponsors to require certain originators to retain risk on securitized assets. Issuers of non-agency MBS subject to risk-retention requirements would be ...
Credit Suisse issued its latest non-agency jumbo mortgage-backed security at the end of August, about one month after the previous issuance from the investment bank. Mortgages in the latest security, the $399.77 million CSMC Trust 2013-7, were seasoned an average of three months, according to DBRS. The mortgages have a weighted average interest rate of 3.875 percent. All of the mortgages have 30-year fixed-rate terms, and one has a 10-year interest-only feature. The deal received AAA ratings with ...
Redwood Trust issued its latest non-agency jumbo mortgage-backed security last week, two days after presale reports on the deal were published. It was a quick turnaround for the real estate investment trust, as jumbo MBS investors have generally had at least a week to mull investing in deals before they close. The mortgages in the $346.32 million Sequoia Mortgage Trust 2013-11 also had an exceptionally young weighted-average loan age of 0.5 months, according to Kroll Bond Rating Agency ...
RSS