Among purchase mortgages with primary mortgage insurance, GSE volume declined in the third quarter while FHA and VA volume increased. California also lost its spot as the top source of loans with MI. (Includes two data charts.)
Rate locks jump; home prices decline for second consecutive month; the remote work factor; website will connect borrowers with brokers; new loan origination system promises “fun.”
Delinquencies on auto ABS are now above pre-pandemic levels, while losses are approaching the same threshold. Still, rating services aren’t too concerned, noting used vehicle prices and unemployment levels.
Private equity investors are turning to collateralized fund obligations, which include some features from the collateralized loan obligation sector. KBRA rated its first CFO last week.
Initial estimates on Hurricane Ian-related losses; Biden administration limits student loan forgiveness on loans in ABS; Credit Suisse’s financial difficulties trickle down to an ABS.