Ocwen has so many workers in India that it hedges its risk against the currency there, the Rupee.

“It was a great channel for some time, but the competitive landscape is expanding rapidly,” said one executive at the company.

Among the industry-supported provisions is expanded small-creditor definition.

Most of Ocwen’s back-office workers are overseas in India and the Philippines where call center workers make much less than their U.S. counterparts.

Loan officers, it seems, are more willing to work on agency-eligible mortgages because they know the transactions have a good chance of closing, but non-QMs are a different matter.

Mortgage securitization rates in 2015 are still low compared to last year, but some of the decline is likely due to the lag between primary market origination and MBS issuance. For the first six months of the year, new MBS issuance represented 73.8 percent of total originations, according to a new Inside MBS & ABS analysis. That’s down from a 75.4 percent securitization rate for all of 2014. Securitization rates are...[Includes one data table]

Last week, Angel Oak Mortgage Solutions was slated to issue a roughly $150 million security backed by nonprime mortgages, an event that promised great things for both the company and the non-agency market. But then nothing happened, or so it appears. Two weeks after confirming to Inside MBS & ABS and another news organization that a new nonprime security was definitely ready to price, the company – and its underwriter, Nomura Securities – has suddenly stopped talking about the deal, both publicly and privately. One source who has held meetings with executives at both firms said...

PHH Mortgage – which handles originations for a number of financial firms on a private-label basis – was the largest IO lender in the nation with $7.19 billion funded during the first half.

If the CEOs of Fannie and Freddie get their raises reversed, what will they do?

Nearly a year has passed since the Structured Finance Industry Group released documents relating to the RMBS 3.0 project and the leader of the Treasury Department’s non-agency reform efforts left the Treasury in May. However, at the ABS East conference sponsored by Information Management Network this week in Miami, industry participants noted that progress is being made on both initiatives. Panel sessions on reforming the non-agency mortgage-backed securities markets have been a staple at industry conferences since 2008, and some observers question whether much progress has been made. “I think...