“We’re looking for production and we have the appetite,” said Jeff Lemieux, who heads the third-party lending channel of Bayview. "We’d like to hire them as soon as possible.”
The New York AG has secured a temporary restraining order barring the loan mod companies from collecting advance fees. The state's top cop also froze their bank accounts.
Originations of jumbo mortgages increased significantly in the second quarter of 2014 compared with the previous quarter, according to a new ranking and analysis by affiliated publication Inside Mortgage Finance. An estimated $59.0 billion in non-agency jumbos were originated in the second quarter, up 34.1 percent from the previous quarter and reversing two consecutive quarters of declining originations for the jumbo sector. Halfway through the year, jumbo production ... [Includes one data chart]
A number of real estate investment trusts are increasing their presence in the jumbo mortgage-backed security market with conduit programs as well as purchases of subordinate tranches from new MBS. Two Harbors Investment said its jumbo conduit had a pipeline with an unpaid principal balance of $650 million at the end of the second quarter of 2014, more than four times the REIT’s pipeline at March 31. Two Harbors recently issued a $267.67 million jumbo MBS, the first from the REIT this year ...
The Securities and Exchange Commission this week unanimously approved a final rule covering registration and disclosures for asset-backed securities, including new non-agency mortgage-backed securities. The so-called “Reg AB2” measure requires significant changes for new non-agency MBS, including loan-level disclosures and a three-day waiting period before issuing new deals. “The SEC must protect investors in asset-backed securities just as it does investors in any other security ...
Lowering the government-sponsored enterprises’ loan limits is one of the main goals for firms involved in the non-agency market but the effort lacks broad support in the mortgage industry, let alone in Congress. Among those submitting comments to the Treasury Department this month regarding how to increase non-agency activity, the American Bankers Association was one of the biggest supporters of decreased loan limits for the GSEs. The conforming loan limit is at $417,000 and ...
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