Brandon Ivey

Short Takes: Fannie and Freddie, Lenders of Last Resort? / Privately Held and Ranked Eighth / Caliber Settles with the Bay State / New American Jumps Into Non-QM Waters / A Tom Clancy-Like Warning

April 10, 2019

Court Rules MBS Could be Subject to ERISA Standards

April 9, 2019

A recent court ruling in the case of Powell v. Ocwen Financial could significantly expand liability for non-agency MBS participants by subjecting MBS transactions to the Employee Retirement Income Security Act.

JPMorgan Non-QM MBS Packed Mostly With Loans to Self-Employed Borrowers

April 9, 2019

Brandon Ivey

JPMorgan Chase is set to issue its first MBS stocked solely by non-qualified mortgages on primary residences. Many of the loans in the $440.54 million deal went to self-employed borrowers.

JPMorgan the First Big Bank to Issue Non-QM MBS

April 9, 2019

Brandon Ivey

In a positive sign for the non-agency MBS market, JPMorgan Chase is set to issue a $440.54 million MBS stocked with non-qualified mortgages for primary residences. It will be the the first big bank to do so.

JPMorgan to Reconsider Mortgage Business Strategy

April 9, 2019

Brandon Ivey

JPMorgan is reviewing its strategy in the mortgage industry. The reason: owning real-estate loans has become hugely unprofitable for banks due to onerous and unnecessary requirements. HomeStreet Bank said it has found buyers for its MSR and home-loan centers.

JPMorgan Chase Packing Prime Loans into its First Non-QM MBS

April 9, 2019

Brandon Ivey

All of the mortgages were originated by Chase, predominantly through the correspondent channel...

Servicing Sales Should Remain Strong. However…

April 8, 2019

Brandon Ivey

With interest rates declining of late, MSR sellers could rethink their strategies…

LIBOR Switch Could Prompt MBS/ABS Taxes

April 5, 2019

Brandon Ivey

The transition away from the London Inter-bank Offered Rate could prompt significant tax issues for MBS and ABS investors. The Structured Finance Industry Group wrote to the Internal Revenue Service and Treasury last week requesting guidance on the issue. LIBOR won’t be available after 2021 and market participants are looking for an alternative reference rate. Various securities are tied to the London benchmark rate in terms of the loans that back the deals and their ...

Ratings More Common on Marketplace Lending ABS

April 5, 2019

Brandon Ivey

Rating services are getting more comfortable with ABS and MBS stocked with loans originated by marketplace lenders. The share of such issuance with credit ratings is increasing and credit enhancement requirements for the deals are declining. Marketplace lenders, also known as fintech lenders, started by matching individual investors with borrowers, and funding evolved in recent years to institutional investors and ABS and MBS. Some $2.6 billion of marketplace lending ABS ...

DOL Proposes New Threshold for Overtime

April 5, 2019

Brandon Ivey

The Department of Labor in March proposed a new threshold for overtime eligibility. The proposal leaves untouched standards that have been in place since 2010, which make mortgage loan officers eligible for overtime pay. Currently, certain employees that make at least $455 per week ($23,600 per year) are exempt from overtime pay, which is paid at 1.5 times the employee’s regular rate of pay when working more than 40 hours a week. The DOL proposed increasing the overtime ...

Brandon Ivey

ARTICLES

Short Takes: Fannie and Freddie, Lenders of Last Resort? / Privately Held and Ranked Eighth / Caliber Settles with the Bay State / New American Jumps Into Non-QM Waters / A Tom Clancy-Like Warning

Court Rules MBS Could be Subject to ERISA Standards

JPMorgan Non-QM MBS Packed Mostly With Loans to Self-Employed Borrowers

JPMorgan the First Big Bank to Issue Non-QM MBS

JPMorgan to Reconsider Mortgage Business Strategy

JPMorgan Chase Packing Prime Loans into its First Non-QM MBS

Servicing Sales Should Remain Strong. However…

LIBOR Switch Could Prompt MBS/ABS Taxes

Ratings More Common on Marketplace Lending ABS

DOL Proposes New Threshold for Overtime

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