Purchase Mortgages Dominate Jumbo MBS Issuance in 3Q18 October 22, 2018 Brandon Ivey Prime jumbo MBS issuance continues to be dominated by 30-year FRMs, with few interest-only products represented…Read More
Ginnie Mae to Require Servicer, Credit Ratings for Largest Issuers October 22, 2018 George Brooks Ginnie will soon require its largest issuers to secure servicer ratings and, in some cases, credit ratings…Read More
More Experimentation in Non-Agency MBS Market with Issuance from Verus October 22, 2018 Brandon Ivey The structure results in principal payments to subordinate classes earlier in the transaction…Read More
Lennar’s Mortgage Sub Settles FCA Charges with DOJ. Company Whistleblower will Receive $1.98 Million October 22, 2018 Paul Muolo The allegations center on loans submitted to FHA for insurance coverage from January 2006 to Dec. 31, 2011.Read More
Phoenix Capital Selling Ginnie Mae Servicing Rights October 22, 2018 Paul Muolo Florida loans account for the largest chunk of the receivables at 13 percent...Read More
Short Takes: HUD Shows its Enforcement Stripes / Otting, the Next (Interim) FHFA Director? / Sprout Mortgage Feeds Verus Nonagency MBS / Mayer Brown Hires CMG Attorney October 22, 2018 Brandon Ivey and Paul Muolo Otting is Comptroller of the Currency. The speculation is that he will pull a Mick Mulvaney and wear two hats for a while…Read More
New Residential Issuing Non-QM MBS with Loans from New Penn October 19, 2018 Brandon Ivey In total, 54.0 percent of the loans were underwritten using bank statements…Read More
Non-Mortgage ABS Production Down Sharply in 3Q18 October 19, 2018 John Bancroft Most of the third-quarter slippage occurred in the business-finance category, where ABS production tumbled 51.2 percent...Read More
The Money Source Takes Aim on Subservicing October 19, 2018 Paul Muolo TMS President Ali Vafai said there’s a huge “void” of subservicers that can effectively handle high-touch product, especially Ginnie Mae receivables.Read More
Aging IT Systems a Major Concern for FHA, VA and USDA October 19, 2018 George Brooks FHA is running on a 40-year old IT system…Read More