The most active issuer of jumbo mortgage-backed securities in 2015, based on the number of deals sold, is set to issue the first jumbo MBS of the year. Two Harbors Investment is preparing a $304.75 million deal, according to presale reports. A presale report from Standard & Poor’s on the deal on Jan. 4 ended a span of 31 days without a presale report for a new jumbo MBS. Fitch Ratings published a presale report on the same deal the following day. The deal will mark the first ...
CORRECTION: A story in the Jan. 1, 2016, issue of Inside Nonconforming Markets regarding jumbo mortgage-backed security issuance as of the end of the fourth quarter of 2015 inadvertently omitted a $231.2 million jumbo MBS issued by Hatteras Financial in December. The online version of the story has been updated, including a revision to the companion data table. SoFi announced this week that it no longer considers credit scores ... [Includes four briefs]
Issuers of Ginnie Mae mortgage-backed securities pushed a record $435.80 billion of government-insured loans through the program during 2015, according to a new Inside FHA/VA Lending analysis and ranking. Last year’s total Ginnie MBS issuance topped the previous record of $429.50 billion issued during 2009. The $435.80 billion total for 2015 includes securitization of FHA home-equity conversion mortgages and other single-family loans guaranteed by FHA, the VA, and the Department of Agriculture rural housing program from Ginnie pool-level MBS data that are not truncated. Production in 2015 hit its high-water mark in the third quarter with $128.23 billion in issuance, and then fell 18.0 percent in the final three months of the year. Purchase mortgages continued to account for most Ginnie business in 2015, 58.0 percent of the agency’s forward-mortgage securitizations. But a huge factor in the ... [ Charts ]
The first rated securitization backed by nonperforming Home Equity Conversion Mortgage loans contains strong, credit-positive features that outweigh the credit risk associated with nonperforming loans, according to a Moody’s Investors Service analysis. The effect of some of these positive features on the performance of Nationstar HECM Loan Trust 2015-2, however, depends on whether Nationstar Mortgage remains as servicer for the transaction, said the rating agency. Nationstar has a servicer rating of B2/Stable from Moody’s and is also the transaction’s sponsor. Nationstar issued NHLT 2015-2 in November 2015 and by the end of December, the first remittance report showed strong initial performance. Credit enhancement to the Aaa (sf)-rated notes increased by 1.69 percent in the first month of operations, Moody’s noted. “As long as Nationstar continues to be the ...
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