The CFPB did not like the idea of some lenders using an Internet-based tool that aggregates employer data and estimates income based upon each consumer’s zip code, job title, and years worked…
An affiliate of Shelter Growth Capital Partners issued its first nonprime MBS late last week, according to offering documents obtained by Inside MBS & ABS. The $113.71 million deal included non-qualified mortgages from a number of lenders. The mortgages in SG Residential Mortgage Trust 2016-1 were acquired by SG Capital Partners, an affiliate of Shelter Growth, an investment manager and hedge fund. SG Capital Partners started acquiring non-agency mortgages in January 2015. As of June 1, Shelter Growth had...
The government-sponsored enterprises are well on their way to trimming their retained mortgage portfolios to less than $250.0 billion each by the start of 2018. As of the end of the third quarter, Fannie Mae and Freddie Mac had a combined mortgage portfolio of $615.65 billion, down 3.3 percent from June. While Freddie historically had the larger retained holdings, the two portfolios are now roughly equal. Under the current terms of their conservatorship, Fannie and Freddie are required...[Includes one data table]
An affiliate of Shelter Growth Capital Partners issued a $113.71 million nonprime mortgage-backed security last week, according to offering documents obtained by Inside Nonconforming Markets. SG Residential Mortgage Trust 2016-1 is the first MBS from Shelter Growth’s SG Capital Partners. Shelter Growth is an investment manager and hedge fund with $1.08 billion in assets under management as of June 1, according to a filing with the Securities and Exchange Commission ...
Jumbo lending declined in the third quarter of 2016 on a quarterly basis at some mid-sized banks, according to an analysis by Inside Nonconforming Markets. Officials at the banks suggest that the market for jumbo mortgages is still relatively strong, however, with some showing increased pipelines for originations. First Republic Bank had $2.81 billion in total mortgage originations in the third quarter of 2016, down 4.4 percent from the previous quarter. Most of the bank’s production ...
Purchase mortgages accounted for a large share of the loans in prime non-agency mortgage-backed securities issued during the third quarter of 2016, according to an analysis by Inside Nonconforming Markets. Purchase mortgages accounted for 67.3 percent of the $4.07 billion in prime non-agency MBS issued during the quarter. That was the highest quarterly share for purchase mortgages since at least the first quarter of 2013. The purchase-mortgage ... [Includes two data charts]
Participants in the non-agency market are concerned that the Consumer Financial Protection Bureau hasn’t done enough to provide lenders and investors with certainty regarding the liability associated with the TILA-RESPA Integrated Disclosure rule. The CFPB issued a proposed rule in August that would clarify a number of concerns regarding TRID. But the bureau’s proposed rule didn’t include guidance CFPB Director Richard Cordray had detailed in a Dec. 29 letter to the Mortgage ...
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