Five Oaks Investment issued its first jumbo mortgage-backed security in April and has plans to significantly increase its activity in the market. “Five Oaks sees a large growth opportunity within the prime jumbo space for institutions with the ability to aggregate, finance, securitize and retain residential mortgage credit risk,” company officials said during a recent presentation to investors. With the $267.2 million Oaks Mortgage Trust 2015-1, Five Oaks aggregated the mortgages in the deal and ...
The serious delinquency rate on subprime mortgages continued to improve in the second quarter of 2015 while the amount of subprime mortgages outstanding also dwindled. An estimated $330.0 billion in subprime mortgages were outstanding as of the end of the second quarter of 2015, according to Inside Nonconforming Markets. The volume was down by 14.5 percent compared with the second quarter of 2014. In that time, the serious delinquency rate ... [Includes one data chart]
A handful of firms service the majority of loans included in jumbo mortgage-backed securities issued since 2010. Analysts at Wells Fargo Securities noted that prepayment rates vary somewhat among the servicers, offering pockets of value for jumbo MBS investors. Wells Fargo analysts said $25.26 billion in mortgages included in jumbo MBS issued in 2010 and beyond remain outstanding. The top five servicers handle 83.3 percent of the loans, with Cenlar alone claiming ...
Delinquencies are declining in the government-sponsored enterprises’ holdings of Alt A mortgages but outsized losses from the loans remain an issue. Purchased and guaranteed Alt A mortgages account for the largest portion of the GSEs’ remaining involvement in the nonprime market, according to an analysis by Inside Nonconforming Markets. Fannie Mae held $109.70 billion in purchased/guaranteed Alt A mortgages as of the end of the second quarter of 2015 ... [Includes one data chart]
The monitor of a $2.0 billion settlement involving Ocwen Financial revealed last week that the nonbank was found to have failed another metric under the settlement. However, the monitor noted that Ocwen has worked to address many of the issues that have dogged the company over the past year. The monitor re-tested Ocwen on a number of metrics under the settlement due to concerns that were raised about the integrity of the servicer’s internal review group ...
The $269.29 million jumbo mortgage-backed security that Shellpoint Partners plans to issue next week will be the first to include certain recommendations from the RMBS 3.0 project, according to the Structured Finance Industry Group. Eric Kaplan, a managing director at Shellpoint, helped launch the SFIG’s RMBS 3.0 effort. The representations and warranties on Shellpoint Co-Originator Trust 2015-1 will include a mandatory review upon ... [Includes three briefs]
FHA Begins Registration of Lenders to Prepare their Transition to the EAD Portal. Lender registration for the transition phase of the new Electronic Appraisal Delivery portal began on Aug. 18. Lenders may select any of the seven onboarding phases, which FHA has established to ensure that lenders have more time to work within the EAD portal to ensure that their systems, data flow and operational process meet portal requirements before the June 27, 2016, mandatory-use date. Although lenders may enter at any phase they choose, the FHA strongly encourages lenders to register for the earliest onboarding phase, and to do it as soon as possible. That would give them more time to get ready for the full transition, the agency said. The first phase begins on Oct. 15, 2015, with additional phases beginning each month and running through the first half of 2016. Information on the onboarding phases as well as ...
The newly-originated adjustable-rate mortgages have a weighted-average coupon of 7.387 percent and an average credit score of 688, according to Bank of America Merrill Lynch.
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