Browse articles from IMFnews related to Secondary/MBS.

January 18, 2019 - IMFnews

What We’re Hearing: GAO Worries About Fannie & Freddie / The Return of Jeb Hensarling / Top-Ranked Nonbank Enters the HELOC Market / Quicken Courts the Refi Market / Eddy Perez to Head MORPAC / Take Our Salary Survey

The title of the new GAO report says it all: The Prolonged Conservatorships of Fannie Mae and Freddie Mac...

January 18, 2019 - IMFnews

Government Shutdown Causing Uncertainty for ABS, MBS Issuers

Mayer Brown attorneys said because of the government shutdown SEC staff is not available to review and accelerate the effectiveness of registration statements…

January 18, 2019 - IMFnews

Angel Oak Preps Largest Post-Crisis Nonprime MBS

Some 51.1 percent of the loans were underwritten using borrower bank statements.

January 18, 2019 - IMFnews

ABS Issuance Hits Post-Crisis High Despite Soft Landing

The only ABS to show increased production in 4Q18 were deals backed by business loans.

January 17, 2019 - IMFnews

Short Takes: A Landmark Non-QM MBS from Angel Oak / Better Mortgage Sees Furloughed Government Workers and Comes Up with a Product to Serve Them / Retail Declines at BB&T / Seterus Hands Out Pink Slips to 300 / MGIC’s Results / MBA Promotes Knowlton

The Seterus platform will cut 300 full-time workers in the Durham area. The unit is being sold to Mr. Cooper...

January 16, 2019 - IMFnews

Ginnie Mae Postpones Annual Summit, Citing Government Shutdown

Scheduled speakers included Housing and Urban Development Secretary Ben Carson, Kasper and Edward DeMarco, former acting Director of the Federal Housing Finance Agency.

January 16, 2019 - IMFnews

GSE Market Shifted Toward Megabanks in 4Q18

Chase’s secondary market patterns are typically herky-jerky…

January 16, 2019 - IMFnews

JPM Packs GSE-Eligible Collateral into a $978 Million Non-Agency MBS

Roughly 42 originators are providing collateral for the JPM MBS…

January 15, 2019 - IMFnews

Short Takes: Worrying About What Mark Calabria Might Do / Ever Seated? / A Price War Brewing in Non-QM? / Tim Anderson’s Blockchain Job / Freddie Gets a New General Counsel

We understand a bit of a price war may be brewing in the non-QM market...

January 14, 2019 - IMFnews

Redwood Set to End Lull in Prime Non-Agency MBS

The Redwood transaction is set to close Jan. 17…

January 14, 2019 - IMFnews

Hedging Losses Likely for Fannie and Freddie in 4Q18?

The more exaggerated the rate moves, the greater the gain or loss.

January 14, 2019 - IMFnews

Retail Channel Continues to Lose Market Share as Correspondent Surges

Wholesale-broker activity saw roughly the same rate of decline as the retail channel did...

January 11, 2019 - IMFnews

What We're Hearing: The Otting Era Commences / Waiting on the Senate (It Didn’t Work for Michael Bright) / 11 Days In and All Shook Up / HFSC Chair Worries about Furloughed Workers and Delinquencies / Keep an Eye on Jan. 15 / The Milken Institute Weighs in on ‘Administrative’ Reform of the GSEs

We’re just 11 days into the new year and already things are getting interesting in the mortgage industry...

January 11, 2019 - IMFnews

What Michael Bright’s Resignation Might Mean for GSE Reform

The odds of GSE “recap and release” becoming a reality just went down…

January 11, 2019 - IMFnews

Non-Agency MBS Issuance Faded in Fourth Quarter

The ECM sector was one of the few that recorded MBS production gains during the fourth quarter…

January 10, 2019 - IMFnews

Short Takes: Who Is Maren Kasper? / Not Shy / Headed to the White House? / GSE ‘Recap and Release’ Just Got Knee-Capped / IMA Offers Bulk MSR Package

With Michael Bright's departure, GSE "recap and release" just got hurt...

January 10, 2019 - IMFnews

As Business Slows, Lenders Cut Branches, Channels; Movement Gets Eagle Franchise

Movement said the acquisition “significantly” expands its presence in the Pacific Northwest and Mountain West…

January 10, 2019 - IMFnews

Acting Ginnie Mae President Michael Bright Bolts Agency for SFIG

Bright will earn significantly more working for SFIG than at Ginnie, easily doubling his salary and then some...

January 10, 2019 - IMFnews

New Residential Looks to be a Frequent Issuer of Non-QM MBS, Preps Latest Issuance

New Residential also will buy non-QMs from lenders other than New Penn...

January 10, 2019 - IMFnews

Private MI Volume Slumped in 4Q18 Fannie/Freddie MBS

Fannie and Freddie securitized $66.89 billion of single-family loans with private MI coverage during the fourth quarter…

January 9, 2019 - IMFnews

Market Shocker: Ginnie Mae Interim President Michael Bright Quits

Bright was first nominated to the post by President Trump in May of last year. He had been serving as an EVP at Ginnie.

January 9, 2019 - IMFnews

Signs of Life in the MH Market: AZ Servicer of Manufactured Housing Loans Receives Rating, MBS Issuance Likely

Cascade services $1.3 billion of product…

January 8, 2019 - IMFnews

Short Takes: $249 Million in Mortgage Payments at Risk? / Will Trump Order Fannie and Freddie to Stand Down? / Assessing Mark Calabria / Lovell Buys ATTOM / LoanLogics Hires Mortgage Tech Vet

Overwhelmingly, industry analysts expect Mark Calabria to shake things up at the Federal Housing Finance Agency – that is, once he’s approved by the full Senate.

January 8, 2019 - IMFnews

BB&T Quietly Cuts Mortgage Staff Including Correspondent Manager

The RIFs at BB&T started in December and more are expected...

January 8, 2019 - IMFnews

Morningstar Expects Looser Underwriting on Non-Agency Loans in 2019

Morningstar expects the market share will increase for ARMs, interest-only loans and mortgages with higher loan-to-value ratios…

January 8, 2019 - IMFnews

The Final Ginnie Mae Issue Tally for 2018: $388 Billion

Feeding the decline was an 18.8 percent sequential drop in VA purchase loans…

January 7, 2019 - IMFnews

Non-Agency MBS Issuance Nearly Doubled in 2018

JPMorgan Chase and Redwood Trust are the dominant issuers of non-agency MBS…

January 4, 2019 - IMFnews

MBS/ABS Market Ends Year with Lackluster Production. Weakest Reading in Five Years

The biggest reason for the slump: the decline in single-family MBS production by Fannie, Freddie and Ginnie…

January 4, 2019 - IMFnews

A New Year and a New MBS from Redwood Trust

Servicing will be handled by six different firms with Shellpoint Mortgage Servicing getting a large chunk of the contract…

January 3, 2019 - IMFnews

A Not-So-Pretty 4Q18 for GSE MBS Issuance

Fannie and Freddie continued to see a slippage in the purchase market…

January 2, 2019 - IMFnews

Texas Capital’s Warehouse Business is Doing Well but Its Share Price is in the Dumps

Usually, Texas Capital doesn’t talk about its warehouse business, but EVP Jack Nunnery recently opened up a bit about what other warehouse lenders are saying…

December 31, 2018 - IMFnews

Short Takes: Worrying About the IRS / NRMLA Talking to Members about the HECM Situation / Most Underwriting Can Continue / Mnuchin’s Future / OCC Hires SBC Attorney

Capital Alpha Partners: “Mnuchin’s job is in danger the same as any cabinet member under Trump...."

December 31, 2018 - IMFnews

GSE Credit Scoring Models: The Future is Unwritten

Fannie and Freddie tossed out the idea of creating their own internal models as impractical...

December 28, 2018 - IMFnews

Short Takes: OPM Suggests Federal Employees Speak with their Servicers / Agency Releases Draft Letter to Help Reduce Mortgage Payments / 800,000 Federal Employees Impacted by Shutdown / Details on Freddie’s SFR Pilot

The sample letter from the Office of Personnel Management notes that because of the shutdown, the federal worker’s income has been severely cut and they are unable to pay the entire cost of their mortgage...

December 28, 2018 - IMFnews

PIMCO Working on a Massive Securitization of Whole Loans?

It’s common knowledge that the foreign-owned PIMCO is an active buyer of non-agency loans…

December 28, 2018 - IMFnews

Broker Tech Platform from AIME Looks to Sign Up More than 20 Wholesale Lenders

The seven initial participants in the platform include United Wholesale Mortgage, the nation’s largest table-funder…

December 26, 2018 - IMFnews

GSE Seller Buybacks Hit Record Low, Uptick in Unresolved Claims

Buybacks by GSE seller/servicers set a new quarterly low…

December 26, 2018 - IMFnews

FHFA Nominee’s Past Comments Could Come Back to Haunt Him (With Democrats at Least)

As the former director of financial regulation studies at the Cato Institute, Mark Calabria brings a decidedly libertarian perspective to housing finance.

December 21, 2018 - IMFnews

What We’re Hearing: The Senate Waiting Game and Mark Calabria / What Might Mnuchin Come Up With? / Otting and Mnuchin and One West / Angelo Mozilo Makes it Rain Once More / MorVest’s MSR Auction / George Bailey Lives (A VA Story) / A Short Publishing Break

The news of Otting’s appointment and what might transpire afterwards did nothing to boost the share price of Fannie and Freddie common...

December 21, 2018 - IMFnews

As Expected, OCC Chief Otting Tapped by White House to be Interim FHFA Director

Joseph Otting will be joining the Trump administration's "two-hat" club...

December 21, 2018 - IMFnews

SIFMA Meets with White House Officials on GSE Single-Security Initiative

The Wall Street group’s advisory council on TBA guidelines met earlier this week with several key Trump administration officials...

December 21, 2018 - IMFnews

Securitization Rates Nudge Higher in 3Q18 as Issuance Catches Up with Primary Market

The securitization rate increased to 71.6 percent in 3Q18 compared to 65.0 percent in the previous period…

December 20, 2018 - IMFnews

A Land Rush Into Non-QM Lending? Carrington Preps First Deal

Carrington President Ray Brousseau said the nonbank is committed to the underserved borrower market…

December 20, 2018 - IMFnews

EC Lender Angel Oak Gets High Marks in New Report from DBRS

Angel Oak is the nation’s third largest expanded-credit lender…

December 19, 2018 - IMFnews

Short Takes: Do GSE Servicers Need to Worry About Liquidity? / MF Cap Set at $35 Billion / New American Buys Minnesota Lender / Humble Beginnings / Kraninger Will Keep the CFPB Name / BoNY Mellon to Enter Non-Agency Market as Master Servicer

Liquidity means access to cash – and is a chief concern of Ginnie Mae acting president Michael Bright as well…

December 18, 2018 - IMFnews

Short Takes: Freddie Mac’s New CEO? / Jeb’s Last Stand? Maybe Not / A ‘Comical’ Situation / A Low Grade for Hensarling? / Fannie’s New Chairman

As one veteran industry lobbyist explained with a hint of ire: “You’re telling me that a bunch of lame duck Congressmen who lost an election are going to show up on the Friday before Christmas?”

December 18, 2018 - IMFnews

Fannie Mae Completes $11 billion CIRT Transaction

Fannie Mae retains risk on the first 150 basis points of losses...

December 18, 2018 - IMFnews

Quicken Launches Jumbo Product Allowing Qualification Based on Assets Instead of Income

According to Quicken, the loan could work well for retirees...

December 18, 2018 - IMFnews

SRPs Remain High. MSR Interest Strong but Declining Rates Begin to Weigh

One advisor said he knows of three bulk transactions that are stalled: one sized at $7.0 billion, another at $16.0 billion, and one more at $24.5 billion.

December 17, 2018 - IMFnews

Short Takes: CBO Wants to Raise G-Fees to Reduce the Federal Deficit / On-Balance Sheet GSEs or Off? / 5 to 15 Basis Points / The Cash Cows are Ready to Give Milk / It’s All About the Math

The Congressional Budget Office wants to hike g-fees by 5 basis points in October 2019 and then 15 basis points after 2021.


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