JPMorgan Chase and Redwood Trust remained the only two active issuers of prime non-agency mortgage-backed securities as of the end of the third quarter of 2016, according to a new ranking and analysis by Inside Nonconforming Markets. A total of $4.07 billion in prime non-agency MBS was issued during the third quarter of 2016, more than five times the volume issued in the previous quarter. However, through three quarters this year, prime MBS issuance ... [Includes one data chart]
The share of adjustable-rate mortgages held in portfolio hit an exceptionally high level in the second quarter of 2016, according to a new analysis by Inside Nonconforming Markets. An estimated $53.00 billion in ARMs were originated in the second quarter of 2016 and $4.69 billion in ARMs were included in mortgage-backed securities issued during the period. The ARM securitization rate in the second quarter was 8.8 percent, down from 13.9 percent ... [Includes two data charts]
Special treatment for the government-sponsored enterprises regarding debt-to-income ratios on qualified mortgages and “emergency” high-cost loan limits accounted for about 25.0 percent of the single-family business that passed through the GSEs in the first half of 2016, according to an analysis by affiliated publication Inside The GSEs. In the first six months of 2016, Fannie Mae and Freddie Mac securitized $64.52 billion of single-family mortgages with DTI ratios ...
The sample deal-agent agreement released by non-agency industry participants in September aims to provide a template for a third party that would protect investors in future non-agency mortgage-backed securities. Some industry participants warn that there are still more issues that need to be addressed, including a potential overlap in the duties for a deal agent and tasks traditionally handled by trustees and master servicers. At the recent ABS East conference produced by ...
While delinquencies on nonprime, non-qualified mortgages originated in recent years have been low, lenders note that servicing these loans requires unique efforts. How borrowers are welcomed by the servicer is seen as particularly important. Daniel Perl, CEO of Citadel Servicing, said Citadel’s borrowers receive three or four phone calls from the servicer within the first 20 days of origination. “We want people to understand that we’re here to help,” Perl said during a recent webinar ...
Some $41.77 billion in higher-priced mortgages were sold in 2015, down 19.9 percent from 2014, according to an Inside Nonconforming Markets analysis of recently released data under the Home Mortgage Disclosure Act. Their share of total loan sales also decreased in 2015 to 3.3 percent. Higher-priced mortgages are sometimes seen as a proxy for nonprime mortgages. First-lien higher-priced mortgages are defined as loans with an ... [Includes one data chart]
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