What We’re Hearing: The Changing of the Guard at the FHFA / A Deep Resume / Retained Capital for Fannie and Freddie, a Matter of When? / The Holy Grail / Impac Mortgage, Act III / FHA Moves to Sure Up its Book March 15, 2019 Paul Muolo An increase in retained earnings is a pre-cursor to GSE “recap and release,” or as Fannie/Freddie investors call it, the Holy Grail…Read More
A Challenging 4Q18 for Impac; Lender Sells $10.5B of MSRs March 15, 2019 Paul Muolo In the fourth quarter, Impac’s gain-on-sale margin increased 85 basis points to 203 bps, a reflection of its growing originations of non-QM loans.Read More
FHFA’s Otting in a Position to Bolster the Non-Agency Market March 15, 2019 Brandon Ivey SIFMA’s Daniel Goodwin: “Financial regulators must create a level playing field so that entities like the GSEs do not enjoy capital benefits that add to the tilting of the market…”Read More
Home-Equity Market Sagged in 2018, but Still a Bright Spot March 14, 2019 John Bancroft Credit unions reported a 19.5% increase in closed-end second originations from the first half of 2018 to the second half…Read More
CFPB Promises to Resolve GSE ‘Patch’ Responsibly March 14, 2019 Yemeng Yang In January, the CFPB released a five-year look-back report assessing the implementation and effect of the ability-to-repay rule… Read More
Short Takes: More Non-QM MBS Deals on the Way / What’s Ginnie Mae Really Worried About? / A Big ‘Nothing Burger’? / What Borrowers Want When They Shop Online for a Mortgage / Amherst’s Appetite for SFR / A New Hire for Incenter March 13, 2019 Paul Muolo Another official described the Ginnie Mae change as a “nothing burger…”Read More
Sterling Bank and Trust, Citadel Servicing Top Contributors to Oaktree MBS March 12, 2019 Brandon Ivey Sterling will account for 58% of the loans in the MBS, Citadel 23%...Read More
New Residential Readies Second Non-QM MBS of the Quarter March 11, 2019 Brandon Ivey A number of firms regularly issue one non-QM deal per quarter. Two transactions is less common...Read More
New Issuer Set to Enter Non-QM MBS Market: Oaktree Funding March 8, 2019 Brandon Ivey The planned Bunker Hill Loan Depository Trust 2019-1 from Oaktree Funding will be stocked with non-QMs along with business-purpose mortgages.Read More
Moody’s Raises Concerns About Disclosures of Jumbo MBS Rep/Warrant Breaches March 7, 2019 Brandon Ivey Issuers of prime jumbo mortgage-backed securities aren’t doing a good enough job of providing details of potential rep-and-warrant breaches …Read More
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