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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…
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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…
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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…
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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.
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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...
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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…
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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…
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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...
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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.
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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…
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