Secondary/MBS

Browse articles from IMFnews related to Secondary/MBS.

May 25, 2018 - IMFnews

Bank Holdings of ABS Increase Slightly in First Quarter

jbancroft@imfpubs.com Commercial banks and savings institutions held $113.75 billion of non-mortgage asset-backed securities in portfolio at the end of March, a scant 0.1 percent increase from the previous quarter, according to a new ranking and analysis by Inside MBS & ABS. The biggest factor in the small uptick was the significant growth in the two largest ABS portfolios in the industry: TD Bank and Charles Schwab Bank. Combined, the firms accounted for nearly half of the industry’s…


May 23, 2018 - IMFnews

Latest Prime Non-Agency MBS from Chase Divided Evenly Between Non-Agency Loans and GSE-Eligible

Chase is the top contributor to the MBS with a 45.0 percent share, followed by United Shore Financial Services at 16.5 percent and Caliber Home Mortgage at 5.2 percent.


May 23, 2018 - IMFnews

FHFA Working to Reduce Differences in GSE Prepayment Speeds in Preparation for Uniform MBS

The FHFA said reviews have helped align GSE prepayment speeds in the past few years while helping to make sure MBS investors’ interest are considered in the equation.


May 22, 2018 - IMFnews

Deephaven Set to Issue its Latest Nonprime MBS, Stocked with Non-QMs and Business-Purpose Loans

Non-QMs account for 81.1 percent of the dollar volume of the planned MBS while the other loans are for rental properties and exempt from ability-to-repay standards.


May 21, 2018 - IMFnews

Treasury Official Sees Major Impact from Single Security

A key Treasury Department official suggested that issuers of non-agency MBS may someday participate in the common securitization platform being developed by Fannie Mae and Freddie Mac.


May 21, 2018 - IMFnews

Banks Getting Slightly More Comfortable Originating Non-QMs

The non-qualified mortgage share of originations by banks increased slightly in 2017, according to a survey by the American Bankers Association. The share of banks offering non-QMs also increased.


May 18, 2018 - IMFnews

Caliber Home Loans Unveils Unique Financing Backed by Ginnie MSRs

Caliber Home Loans has announced pricing of a uniquely structured private offering of secured term notes backed by Ginnie Mae mortgage servicing rights and excess servicing spreads.


May 18, 2018 - IMFnews

Banking Industry Pulled Back from Residential MBS Market in 1Q18

After an extended period of steady growth in its investment in the residential MBS market, the banking industry changed course in early 2018 and reduced its participation in the market, according to a new Inside MBS & ABS ranking and analysis.


May 16, 2018 - IMFnews

Short Takes: Time to Change the QM Rule? / Bright Tapped to Head Ginnie / MSR Sellers Sitting Pretty? / After the Recession… / Applications Decline Again / NAR’s Chief Lobbyist Sets Retirement Date

Residential firms looking to sell mortgage servicing rights are in a sweet spot right now. However...


May 16, 2018 - IMFnews

HomeStreet Contemplates Selling a $5 Billion Package of Servicing Rights

HomeStreet restructured its mortgage business last year…


May 16, 2018 - IMFnews

Coming Uniform MBS Could Have Side Effects for Fannie Mae

Fannie disclosed the single-security “may adversely affect our financial results and contribute to declines in the liquidity or market value of our MBS.”


May 15, 2018 - IMFnews

Short Takes: USMI Seconds that GSE Emotion / Don’t Hold Your Breath / Mid America Enters the Warehouse Arena / Fannie Selling NPLs / A Recession Coming? / Freddie Gets a New Chief Compliance Officer

Barry Habib, who heads MBS Highway, believe that within two years, the U.S. will be in a recession...


May 15, 2018 - IMFnews

Flagstar Packages GSE-Eligible Mortgages on Investment Properties into Non-Agency MBS

Packaging the loans into a non-agency MBS suggests that Flagstar expects better execution in the non-agency market than from delivering the mortgages to Fannie Mae or Freddie Mac.


May 15, 2018 - IMFnews

As Originations Slow, Warehouse Providers Face Tight Profit Margins, Riskier Credits

According to a tally by Inside Mortgage Finance, few warehouse providers bucked the trend of falling commitments.


May 15, 2018 - IMFnews

Secondary Market Activity Strong in 2017

Originators also sold $483.13 billion of loans to unaffiliated buyers outside of the agency market…


May 14, 2018 - IMFnews

Phoenix Ready to Auction MSR Flow Package

Much of the product is projected to come from California, Florida and Texas.


May 14, 2018 - IMFnews

GSE Credit Window for Purchase Loans Opened Slightly in 1Q18

In the first quarter, 12.61 percent of purchase loans sold to the GSEs fell into the highest risk category…


May 11, 2018 - IMFnews

Collateral Backing Freddie LOC $5 Billion to $7 Billion in Size?

A former Fannie executive (pre-federal takeover) said that when he worked at the GSE, “We looked at doing this, but were told it wasn’t in the charter and so we didn’t proceed.”


May 11, 2018 - IMFnews

Nonbanks Ready to Crank up the Non-QM MBS Machine

Starwood Property Trust, a REIT largely focused on commercial mortgages, has been stockpiling non-QMs…


May 11, 2018 - IMFnews

REITs Pull Back from MBS Investments Ever So Slightly

It’s not clear if the REIT sector will amp up its participation in credit-risk transfer deals offered by Fannie Mae and Freddie Mac…


May 10, 2018 - IMFnews

Non-QM Lender Angel Oak Ventures into Small-Balance Commercial Market

Angel Oak's small-balance commercial unit employs 19 full-timers and hopes to add an additional 30...


May 9, 2018 - IMFnews

Short Takes: Caliber Brings Ginnie MSR Deal / The Nation’s Highest Paid Loan Broker: Doug Lebda ($59M) / Ex-Fannie Exec a Candidate for FHFA Job? / The PHH Head Count

It was a nice pay check last year for LendingTree founder and CEO Douglas Lebda...


May 9, 2018 - IMFnews

Retail, Mortgage Brokers Dominate in Expanded-Credit Lending

MBS from Angel Oak Companies had the highest share of broker originations…


May 8, 2018 - IMFnews

Redwood Posts a Handsome Profit for 1Q18, Reports Strong Demand for Jumbos

Redwood is set to issue its largest expanded-credit MBS ever: A $520.48 million security backed by…


May 7, 2018 - IMFnews

Freddie Now Extending Lines of Credit to Nonbanks. The Collateral: Mortgage Servicing Rights

One former Fannie Mae executive was critical of the effort, calling it “mission and charter creep.”


May 7, 2018 - IMFnews

Arch Capital CEO Defends IMAGIN Pilot Program

The MI executive said there are a number of misconceptions about the program…


May 7, 2018 - IMFnews

Figuring Out Who Might Succeed Mel Watt as FHFA Director – It’s Complicated…

Also, there’s a growing fear that in the absence of Congressional action, a free-market leaning Treasury Department, in tandem with a Trump-appointed FHFA director, might alter the way GSEs operate...


May 4, 2018 - IMFnews

Price War on GSE Guarantee Fees Ended in Early 2018 in Response to FHFA Directive…

Freddie CEO Donald Layton told Inside MBS & ABS that implementation of the FHFA directive “has largely been complete.”


May 4, 2018 - IMFnews

Finally, Agency MBS Issuance Heads North After a Weak 1Q18

Freddie Mac had the biggest monthly increase at 22.9 percent…


May 3, 2018 - IMFnews

Short Takes: Investors Unite: Mel Watt is the Only One ‘Tuned into Reality’ / Strong 1Q18 Results for Nationstar / Loan Production Not so Bad Either / Finance of America Wants Brokers to Call it This / Correction on New Day

Investors Unite: "We’re in trouble if the secret plan for GSE reform rests on axing the only public official who is actually tuned into reality…”


May 3, 2018 - IMFnews

NAR Sees $6.5B in GSE Profits and Asks the FHFA for Reductions in G-Fees, More

The NAR is hoping that a cut in g-fees (and LLPAs) ultimately will be passed down to consumers – who buy homes from NAR’s members.


May 3, 2018 - IMFnews

Nation’s Largest ‘mREIT’ Annaly Pounces Again, Agrees to Buy MTGE

Roughly two years ago, Annaly bought Hatteras Financial, Winston-Salem, NC, in a deal valued at $1.5 billion.


May 3, 2018 - IMFnews

Chimera More than Doubles Profit with Focus on Seasoned Loans, Sees Promise in Jumbos

Chimera CIO Mohit Marria: “The thirst for yield from the investor base remains strong.”


May 3, 2018 - IMFnews

Fannie Mae Has a Blowout 1Q18, Will Make a $938M Dividend Payment to Treasury

Come June, Fannie Mae will cut a new dividend check to Uncle Sam...


May 2, 2018 - IMFnews

Net Income of $8.3M for Great Ajax, REIT Looks to Acquire More RPLs

Great Ajax’s forte is buying re-performing mortgages…


May 1, 2018 - IMFnews

Freddie Posts Strong 1Q18 Profit Thanks to G-Fee Income, Gains from Derivatives (and No More DTA Hits)

Even though the GSE posted a strong profit, it saw MBS issuance fall 37.2 percent in the first quarter...


May 1, 2018 - IMFnews

Freddie CEO Don Layton Weighs in on IMAGIN Pilot Program

Early on, research firm B. Riley FBR described IMAGIN as “an offshore structure [that] could enable a lower price.”


April 30, 2018 - IMFnews

Short Takes: HUD Yanks Approvals on 23 Lenders, Most of Them Banks / Goldman Sachs, Warehouse Lender, but… / Rep. Waters None Too Happy with Mulvaney / A Document Dump is Requested / A Promotion at J.G. Wentworth

Rep. Waters wants CFPB acting director Mulvaney to turn over documents regarding meetings he's had with the industry...


April 30, 2018 - IMFnews

Redwood Trust to Acquire Minority Stake in Non-Agency Lender 5 Arches

“The opportunity for us is clear,” said Christopher Abate, president of Redwood. “Capital needs in this still emergent sector of housing finance continue to rise..."


April 27, 2018 - IMFnews

What We’re Hearing: GSE Reform? How About 2021? / The Return of Ed DeMarco? / No Political ‘Protection’ for Fannie and Freddie / RMS Scores a Repo Line from Barclays / Bucking the Production Trend: Home Point / New Hires for Plaza Home

Mel Watt has roughly eight more months in office, but already industry lobbyists and GSE watchers are playing “guess who the next FHFA director might be.”


April 27, 2018 - IMFnews

Western Asset Goes Big with its First Non-QM MBS: A $1.25 Billion Deal

Interesting fact: Most of these non-QM loans were originated by banks...


April 27, 2018 - IMFnews

MSR-Investing REIT New Residential Has a Blowout 1Q18: A Profit of $614.3 Million

New Residential said during and subsequent to the first quarter, it entered into agreements to buy $38.0 billion of mortgage servicing rights...


April 27, 2018 - IMFnews

Commercial Mortgage Securitization Starts Strong in 2018 – Compared to 1Q17

The agency share of securitized multifamily mortgages has been high since 2008…


April 25, 2018 - IMFnews

Sen. Crapo Says GSE Reform Still Possible in This Congress (You Heard That Right)

The senator disagreed with comments made earlier in the day by HUD Deputy Secretary Pam Patenaude, who said there aren’t enough legislative days left...


April 25, 2018 - IMFnews

Chimera Packaging Mortgages Aggregated by BofA into a Prime Jumbo MBS

Most of the loans are non-agency jumbos, but a handful are eligible for sale to Fannie Mae and Freddie Mac.


April 24, 2018 - IMFnews

Short Takes: In Service of Fannie, Freddie and the Common Good / Fannie Ponies up to the REITs / Amazon a Bank? Good Luck with That / NYDFS Investigates RTO / FofA Hires loanDepot Manager

A new policy change implemented by Fannie Mae will allow REITS, come May 1, to start investing in the GSE’s Connecticut Avenue Securities risk-transfer deals.


April 24, 2018 - IMFnews

A Trio of Prime Non-Agency MBS Deals Ready to Hit the Market

Loans in Chimera’s forthcoming deal were underwritten to guidelines established separately by Bank of America, Caliber Home Loans and Quicken…


April 24, 2018 - IMFnews

Western Asset Management Preparing to Issue Non-QM MBS

Clayton Services reviewed 2,164 mortgages for the planned Arroyo Mortgage Trust MBS…


April 24, 2018 - IMFnews

Stars May be Aligned for Strong Profits at Fannie and Freddie

Both GSEs likely will be “winners” when it comes to hedging their derivative positions simply because interest rates were higher at March 31 compared to yearend.


April 23, 2018 - IMFnews

Jumbo MBS Underwriting Holds Steady, Banks Remain Top Contributors

Some $4.23 billion of prime jumbo MBS was issued in the first quarter of 2018, the best showing since 1Q15…


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