The real estate investment trust is ready to take non-agency loan aggregation to pre-crisis levels, and believes investors are seeking the types of assets the company offers.
Strong demand for jumbo mortgages helped support origination volume in the second quarter even as many banks tightened underwriting standards for the loans.
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.
In its favor, Ocwen recently posted a small profit and is a “scratch and dent” specialist that could benefit greatly if delinquencies in the COVID-19 era spin out of control…
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.