The refinance market was soft as well. The agencies securitized $37.48 billion of refinance loans during November, down 12.3 percent from the previous month.
Edward Pinto, former chief credit officer of Fannie Mae who now studies housing trends for AEI, disputes NAR’s data and describes the first-time buyer market as “booming.”
A non-agency MBS sponsored by CarVal Investors issued this week includes a new fee-based compensation structure for one of the servicers involved in the $474.2 million transaction. Mill City Mortgage Loan Trust 2015-1 is backed by re-performing mortgages that had seasoned for nearly nine years, on average. Some 90.1 percent of the loans had received modifications and almost all of the mortgages in the deal were current at the time of issuance. Shellpoint Mortgage Servicing will service...
American Homes 4 Rent, the largest publicly traded player in the single-family rental market, late this week agreed to buy American Residential Properties in a deal valued at $1.5 billion. It was the second transaction involving real estate investment trusts in the SFR sector within three months, and has sparked talk of further consolidation, including perhaps mortgage REITs. A research note from Keefe, Bruyette & Woods, penned right before the AH4R-ARP combination was unveiled, noted that mergers in the space are possible “given current valuation discounts ….” In other words, the share prices of single-family rental REITs have been...
In addition to state law, federal laws address cross-selling issues. The Real Estate Settlement Procedures Act, for example, covers referrals of settlement service business, like residential mortgage loans.
“Some of you work the regular hours with minimal extra ... and this will not work,” an assistant vice president and underwriting manager at Franklin American said in an email to underwriters...
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