Some 73 lenders contributed to the security. Also, a portion of First Republic’s loans weren’t subject to due diligence reviews, a relative rarity in the new era of jumbo MBS.
W.J. Bradley Mortgage Capital announced a number of new jumbo mortgage products this week. Among the offerings is a loan with a 10 percent downpayment requirement for balances of up to $850,000.
There has been talk in the market that JPM would unload some of its “high touch” MSRs this year, but so far brokers that play in the space have reported no scheduled auctions.
Richmond's mayor said the new rehabilitation program can be completed in addition to eminent domain. However, significant opposition to ED from mortgage industry participants appears to have changed how the city plans to implement its latest plan.
For lenders that contribute at least 15 percent of the loans included in an issuance, Fitch said it will conduct an enhanced operational review of the lender’s origination program and underwriting guidelines.
Two months after the Consumer Financial Protection Bureau’s ability-to-repay requirements took effect, non-agency lenders seem to have adjusted to the rule. The debt-to-income ratio requirements for qualified mortgages do not appear to have prevented many borrowers from obtaining a mortgage and lenders have adjusted their documentation requirements. “To my knowledge we haven’t lost any sales because people didn’t qualify under the QM banner,” said ...
Credit Suisse teamed with New Penn Financial to issue another jumbo mortgage-backed security at the end of February, the latest in a unique partnership. The $297.36 million issuance received a AAA rating with credit enhancement of 8.85 percent for the top-rated tranche. Some 13 lenders contributed to the deal, with 74.2 percent of the mortgages originated or acquired by New Penn, according to a final rating report by DBRS (no presale reports were issued). Standard & Poor’s ...
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