KBRA was accused of getting sloppy on due diligence tied to CMBS and CLO deals. Without admitting wrongdoing, the rating agency agreed to pay $2 million-plus.
Recent uncertainty surrounding equities drove investors into bonds, especially agency MBS. One result: The average daily trading volume in agency product climbed to a multi-month high in August.
If you thought the second quarter was a barn burner for loan production, just wait until you see the results for the third quarter. Across the board, executives are predicting stellar results.
As mortgage banking veteran Bill Dallas of Finance of America put it: “This is clearly a unicorn year for the industry — I’ve never seen anything like it.”