The avalanche of increased GSE single-family business didn't land equally on all categories of sellers. Nonbanks saw a huge gain in market share, while correspondent platforms and coissuance declined. (Includes two data charts.)
MBA President Bob Broeksmit argues that the new LLPA “flies in the face of the administration’s recent executive actions urging federal agencies to take all measures within their authorities to support struggling homeowners.”
Hundreds of smaller GSE sellers retained more servicing in the second quarter than they usually do, setting the stage for increased bulk MSR trades when buyers get more confident. (Includes two data charts.)
The panel this week heard testimony that servicers failed to inform borrowers of their right to forbearance, offered less assistance than required by law and provided inaccurate information on lump-sum repayments.
The MBA argues that FHLB advances would offer REITs a cheap alternative to repo financing. One way to offset the added risk posed by REITs would be to increase the haircuts on their collateral requirements.