California, Virginia, Texas, Florida and Washington, in sequential order, retained their VA securitization ranking from 2014.

Two Harbors is outpacing a fellow REIT, Redwood Trust, in terms of jumbo MBS deals with the latter putting more of an emphasis on whole loan sales.

Chase was the second-ranked jumbo lender in the first quarter of 2015, nearly closing the wide gap that Wells Fargo has maintained in recent years.

FSOC Advises Continued Collaboration on Nonbank Mortgage Servicers. The Financial Stability Oversight Council, of which the CFPB is a member, expressed continuing concern about the large share of mortgage servicing rights being handled by nonbank mortgage servicers these days, and urged continued collaboration between state and federal regulators in ratcheting up their oversight to strengthen such companies. “[N]onbank mortgage servicing companies, which in recent years have purchased large amounts of mortgage servicing rights from banks and thrifts, have grown to account for a material portion of the mortgage servicing market,” the report said. FSOC went on to note that in January of this year, the Federal Housing Finance Agency proposed new minimum financial eligibility requirements for mortgage seller/servicers that do ...

Fannie Mae and Freddie Mac have found deep investor appetite for credit-risk transfer transactions, but their exploration of new structures may not get to the front-end tradeoff of deeper mortgage insurance for reduced MBS guaranty fees. During a panel session at last week’s secondary market conference sponsored by the Mortgage Bankers Association, Kevin Palmer, a Freddie vice president, said the government-sponsored enterprises launched their credit-risk transfers to reduce taxpayer exposure and distribute risk more broadly in the mortgage finance system. Fannie and Freddie have...

The Chicago Federal Home Loan Bank hopes to issue its very first Ginnie Mae MBS by the third quarter, and if all goes well certain other FHLBanks may become issuers as well. In a recent speech, Federal Housing Finance Agency Director Mel Watt noted the interest in the program, saying the agency has “approved the requests of several other FHLBanks to participate.” Watt did not identify...

A pilot jumbo loan program between the Federal Home Loan Bank of Chicago and Redwood Trust has grown to include three more FHLBanks, with the potential to expand to more. Mortgage Partnership Finance Direct is specifically a high-balance loan product that connects the Mortgage Partnership Finance conduit program with Redwood Trust to offer access to private capital when selling fixed-rate mortgages in the secondary market. Eric Schambow, senior vice president and director of the Chicago FHLBank’s MPF Program, said...

The biggest rate of decline was in home-equity securitizations, where there has been no new issuance for several years.

The Federal Housing Finance Agency is making plans for how to increase the baseline conforming loan limit beyond $417,000 as home prices are close to recovering from the financial crisis. The FHFA last week announced that it will use the “expanded data” house price index that the agency has published since 2011 to make adjustments to the baseline conforming loan limit. A change to the baseline limit would also impact limits for high-cost areas, which are allowed to be ...

With little movement from Congress to reform the government-sponsored enterprises, some industry analysts have called on the Obama administration to re-capitalize the GSEs and end their conservatorships. While such an action appears unlikely, the move could help boost activity in the non-agency market. If Fannie Mae and Freddie Mac were privatized, they would likely have to increase their capital from current levels and face increased borrowing costs. Interest rates ...