In 2Q20, Fannie and Freddie acquired $104.07 billion of loans with DTI ratios greater than 43%, up 40.9% from the previous quarter.

A big problem: For one non-QM MBS, dv01 identified 233 loans that are actively modified while the trustee reported only 41 and the master servicer reported 74.

The deal received preliminary AAA ratings from Moody’s Investors Service and S&P Global Ratings, with credit enhancement of 13.75% on the senior tranche.

Fun fact: Among the nation’s top 20 residential servicers in 2Q20, just six were depositories...

Redwood generated $165 million of net income in the second quarter after posting a $943 million loss in 1Q20...

According to the S-1 initial public offering documents filed with the SEC, Rocket’s total share count (public and private) is roughly 1.9858 billion shares. At $22 a unit (the upper end of the range) that works out to a cool $43.69 billion. In short: Wow.

Angel Oak's Tom Hutchens: “We’ve got our footing under us and we’re excited about the future"...

While most non-agency MBS servicers specialize in handling either prime mortgages or expanded-credit loans, Shellpoint services large volumes of both loan types.

The vehicle-finance sector hit a pothole as new issuance skidded 26.0% from the first quarter to $21.61 billion. But that represented 62.9% of new ABS production for the second quarter.

In general, the nature of the non-agency market makes it difficult to standardize practices across the industry, let alone in individual MBS.