PennyMac Mortgage Investment Trust started issuing non-agency MBS in November as part of an effort to boost its investments in credit-sensitive assets. The REIT is now one of the most active players in the space.
Researchers tracked ratings and defaults on non-agency MBS between 2013 and 2022, finding that Morningstar’s ratings were more conservative than ratings from the big three firms. However, Morningstar’s ratings produced more “false alarms” about potential defaults than the big firms.
Changes to Common Securitization Solutions, including being renamed U.S. Financial Technology, appear to set the company up to serve additional secondary mortgage market participants.
In September, FINRA received approval from the SEC for a plan to require one-minute reporting of many MBS and ABS trades. Now the self-regulatory organization is scuttling implementation, citing concerns from industry participants.
Bank of Hope anticipates three-year earn-back period following sale of low-yielding MBS; Figure touts strong demand for HELOC securitization; Wells transferring some non-agency MBS servicing to Shellpoint; Hooters whole-business securitization downgraded again.
Due diligence firms can use the review scope to assess seasoned residential mortgages, assigning positive grades for loans with 36 months of strong performance.
PennyMac Mortgage Investment Trust has been issuing about one prime non-agency MBS per month, stocking the deals with GSE-eligible mortgages for investment properties and second homes. Now the REIT is set to issue jumbo MBS.
Stop-advance standard for non-agency MBS under consideration; EJF Capital works with Third Coast Bank on another CRT; MISMO proposes standards for electronic HELOCs.
The Federal Reserve is allowing its MBS holdings to run off in a predictable manner; Ginnie provides more details on change to buydown policy; Cerberus affiliate issues securitization of closed-end second liens.
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