The volume of jumbo mortgages handled by the top servicers continued to increase in the second quarter of 2017, according to a new ranking and analysis by Inside Nonconforming Markets. A group of 30 companies serviced an estimated $957.50 billion of jumbos at the end of June, up 2.3 percent from the previous quarter and up 8.7 percent from the second quarter of 2016. The servicers outpaced...[Includes one data table]
Delinquencies on non-qualified mortgages have been minimal and many borrowers with the loans seek to refinance relatively quickly, according to an analysis by Wells Fargo Securities. Among non-QMs with at least two years of seasoning that were included in nonprime mortgage-backed securities, more than 97 percent haven’t missed a payment, according to Wells. “Borrower credit performance has been robust so far, with delinquency rates and losses still subdued,” the analysts said. As of the end of July, only one non-QM in a nonprime MBS has gone...
An affiliate of Bayview Asset Management issued a $230.0 million non-agency mortgage-backed security this week largely stocked with seasoned mortgages, including one non-qualified mortgage. DBRS and Fitch Ratings placed AAA ratings on Bayview Mortgage Fund IVc Trust 2017-RT3, without putting much emphasis on the non-QM. Non-QMs had accounted for 2.1 percent of a $125.82 million MBS from Bayview that priced in July and 1.0 percent of a $208.13 million deal it priced in April. The sponsor of the deal will retain...
New nonprime originations haven’t been enough to prop up the volume of subprime mortgages outstanding, according to a new ranking by Inside Nonconforming Markets. The top 15 subprime servicers handled an estimated $212.73 billion of the loans as of the end of the second quarter of 2017, down 4.1 percent from the previous quarter and down 18.2 percent from a year ago. None of the servicers posted...[Includes one data table]
The 30-year fixed-rate mortgage is due for an overhaul, according to a proposal published by the Federal Reserve. Members of the Fed’s research staff suggest that banks should offer a type of mortgage with no downpayment requirements that essentially automatically refinances. Wayne Passmore, senior adviser in the Fed’s division of research and statistics, and Alexander von Hafften, a senior research assistant in the division, authored a working paper published by the Fed last week. Passmore and von Hafften cited...
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