The other lenders that Moody's looked at: Ditech Financial, Freedom Mortgage, Mr. Cooper, New Residential, Ocwen Financial, PennyMac Financial Services, Provident Funding Associates and Stearns Lending...
Mortgages eligible for sale to the GSEs will account for 13.1% of the $353.4 million deal, which is more than double the share of GSE-eligible mortgages in the previous expanded-credit MBS from Redwood.
Some of the top expanded-credit MBS issuers – including Invictus Capital Partners, Angel Oak Companies, Lone Star Funds and New Residential Investment – issued one security each in the second quarter after bringing two deals each during 1Q19…
The rating service will continue to take a relatively harsh view of mortgages underwritten with alternative documentation even though they have per-formed better than expected.
Blackstone it set to issue its first non-agency MBS backed by investment-property mortgages. Most of the loans in the deal were originated by lenders affiliated with Blackstone.
Federal regulators should provide incentives for non-agency MBS issuers to standardize deal features, according to Annaly and Barclays. The firms detailed various changes that could help increase issuance.
Issuance of expanded-credit MBS slowed somewhat in the second quarter but volume through the first half of the year more than doubled that seen in the first half of 2018. The sector remains hotter than the prime non-agency MBS market.
Issuance of prime non-agency MBS declined in the second quarter on a sequential basis, led by a drop in the volume of GSE-eligible loans going into the non-agency market. Only a handful of issuers were active in the second quarter.