Brandon Ivey

MBS with Newer Non-QMs in the Market for First Time in 11 Months

February 26, 2021

Ellington Financial and Credit Suisse are set to issue the first MBS with newly-originated non-QMs since the market was disrupted in March 2020.

Jumbo Servicing Declines in 2020; Wells Retains Top Spot

February 26, 2021

Brandon Ivey

The volume of jumbo servicing handled by 30 of the top firms in the sector declined by nearly 6% in 2020. The share of borrowers missing payments is increasing. (Includes data chart.)

A Portion of GSE Loans Could Shift to Non-Agency Market

February 26, 2021

Brandon Ivey

The amended preferred stock purchase agreement between the FHFA and Treasury includes limitations on acquisitions of mortgages for investment properties, second homes and products with “high risk” characteristics...

Annaly is Gunning for More Non-Agency Mortgage Action

February 26, 2021

Brandon Ivey

After reducing its non-agency investments amid volatility from the coronavirus, Annaly is ready to ramp up activity in the sector. The REIT is acquiring non-QMs and packaging them into MBS.

News Briefs

February 26, 2021

Brandon Ivey

Non-agency forbearance increases; personnel moves at Deephaven, Wells Fargo and Quontic; new non-agency MBS; a jumbo mortgage symposium; PCMA loosens standards for jumbo product.

Previously-Securitized Loans in New Expanded-Credit MBS

February 25, 2021

Brandon Ivey

Issuers of expanded-credit MBS have incentives to complete clean-up calls on seasoned deals and repackage the collateral into new securitizations.

SEC Sues Morningstar Over CMBS Ratings in 2015 and 2016

February 25, 2021

Brandon Ivey

Morningstar argues it can use undisclosed loan-specific stress adjustments for subjective reasons, including to bring the rating for a commercial MBS in line with expectations based on similar deals.