Browse articles from IMFnews related to Secondary/MBS.

November 15, 2018 - IMFnews

Short Takes: Who is Andrew Olmem and Why Does He Matter? (GSE Reform) / A Production Gain for Ditech / Citywide Home Loans Signs Partnership Deal with Stearns / Caliber Readies Nonprime MBS

If you haven’t heard of Andrew Olmem before, it’s because he tends to keep a low profile.

November 15, 2018 - IMFnews

JPM Packages Jumbos with Relatively High LTV Ratios in Unique MBS

Moody’s Investors Service said 47.0 percent of the dollar volume of the loans in the MBS were underwritten by United Shore…

November 14, 2018 - IMFnews

1,400 Stakeholders Contacted as Part of GSE UMBS Conversion

Fannie and Freddie and their joint venture, Common Securitization Solutions, will implement the SSI and issue the first UMBS on June 3 of next year…

November 14, 2018 - IMFnews

Goldman Preps Large Non-Agency MBS Backed by Seasoned Mortgages Acquired from a ‘GSE’

Loans in GSMBS Trust 2018-RPL1 were acquired from a government-sponsored enterprise, though Fitch didn’t identify which GSE.

November 14, 2018 - IMFnews

A Brighter Future for Non-Agency May Translate Into Better Days for Trading Desks

Another trading firm that hopes to ride the non-QM wave is RAMS Mortgage Capital…

November 13, 2018 - IMFnews

Short Takes: Assessing the Value of GSE Common / The Prior Decade and GSE Share Prices / Worrying About Home Values in California / Another MBS Settlement for Wells Fargo / Vendor Hires Fannie Mae Official

Early last decade, Fannie common once traded as high as $85.03, Freddie $68.20.

November 13, 2018 - IMFnews

KBW Raises Earnings Estimates on Fannie and Freddie, Questions CRTs

As of Sept. 30, Fannie and Freddie had some form of risking sharing on 38 percent to 42 of their guaranteed portfolios, respectively.

November 12, 2018 - IMFnews

Short Takes: Still Hiring, UWM / Strong Growth for the Nation’s Largest Wholesaler / The Moelis GSE Plan: the Good and the Bad / Promotions at Nations Lending

United Wholesale Mortgage continues to hire...

November 12, 2018 - IMFnews

Ellington Will Convert to a REIT, Focusing on Credit Investments and Agency MBS

Ellington CEO Laurence Penn: “Becoming a REIT would bring with it big benefits, such as lower effective tax rates..."

November 12, 2018 - IMFnews

Odds of GSE Reform May Not Have Changed Much

Gone from the Senate, via retirement, is Sen. Bob Corker, R-TN, a moderate Republican who was a proponent of reforming the secondary mortgage market…

November 12, 2018 - IMFnews

GSE Credit Box Opened Slightly Wider in 3Q18

The dollar volume of low-score purchase loans increased by 29.8 percent from the second to the third quarter, while total GSE purchase business went up 23.6 percent.

November 9, 2018 - IMFnews

What We’re Hearing: The ‘Hensarling Effect’ / Team Trump, Not Congress, Will Reshape the Fannie and Freddie / Timing? / Selling Servicing Rights to Unleash Revenue / Ocwen’s Head Count

The first move expected is a possible lowering of GSE loan limits...

November 9, 2018 - IMFnews

14 Nonbanks Received the Ginnie ‘Liquidity’ Letter. A Concern Regarding ‘Cash-out’ Moves by Owners?

The implication is that declining originations, plummeting refinancing volume and razor-tight profit margins are causing consternation at Ginnie…

November 9, 2018 - IMFnews

Single-Security Transition is on Schedule, but Some Investors May Prefer One GSE Over the Other

The grand concept behind the single security is that MBS issued by Fannie and Freddie will be fully fungible and interchangeable.

November 9, 2018 - IMFnews

Agency Single-Family MBS Production Softened in October as Purchase Market Deflated

Fannie, Freddie and Ginnie issued a combined $98.03 billion of single-family MBS last month, a 5.1 percent drop from September…

November 8, 2018 - IMFnews

Redwood Accelerates Diversification Efforts, Remains Profitable in Third Quarter

Redwood CEO Chris Abate: “Our game plan in the third quarter was a bit unconventional – we ran an up-tempo offense, squarely in the face of mortgage market headwinds.”

November 7, 2018 - IMFnews

Expanded-Credit MBS Underwriting Not Loosening Much, Prepayments Remain High

Risk layering remains uncommon on the new breed of expanded-credit mortgages…

November 6, 2018 - IMFnews

LoanStream Branches Out into Correspondent, Aims to ‘Dominate’ the Market

LoanStream was already originating nonprime mortgages via retail and wholesale outlets...

November 5, 2018 - IMFnews

Short Takes: The Election Day Crystal Ball and the GSEs / One More Try at a GSE Bill? / Hensarling Wants to Bury the GSE Model / John Britti’s Extra Pay / A New Texas Branch for Waterstone

On Friday, long-time GSE critic Rep. Jeb Hensarling, R-TX, took one more rock to Fannie and Freddie...

November 5, 2018 - IMFnews

New Residential in Talks with Multiple Lenders to Buy Non-QM Loans

Nierenberg, a former Bear Stearns executive, stressed that New Residential is going to be relatively conservative with its underwriting standards for non-QMs.

November 5, 2018 - IMFnews

As the Clouds Roll In, Some Lenders Turn to Non-QM, Including FGMC

PIMCO, which controls FGMC, is no stranger to the non-QM market…

November 5, 2018 - IMFnews

Mortgage Brokers Gain Share in FHA Lending, but Lose Ground on VA

United Shore Financial Services ran the top FHA wholesale-broker program, generating $1.53 billion during the third quarter.

November 2, 2018 - IMFnews

A Sequential Earnings Decline for Fannie Mae, but a Strong Profit Nonetheless

In less than two weeks, the Senate Banking Committee will hold an oversight hearing on controversial pilot programs launched by Fannie and Freddie...

November 2, 2018 - IMFnews

Non-Agency MBS Market Revels in a Banner Year, But…

The nonprime sector has split off from jumbo, and there are now roughly 70 investors in the sector.

November 1, 2018 - IMFnews

Short Takes: Should the GSEs Increase Servicing Compensation? / Hanging with Mr. Cooper at No. 3 / PennyMac’s Amended Repo Line / Strong Underwriting Income for Arch, KBW Likes Radian

David Fleig of MorVest: “We have numerous active conversations with clients thinking about selling MSRs and I am sure our competitors do as well.”

November 1, 2018 - IMFnews

Waterfall Unit Brings First Rated MBS Backed by Non-Agency Reverse Loans Since 2007

The deal is backed by jumbo reverse loans with a total unpaid principal balance of $571.8 million…

November 1, 2018 - IMFnews

Trump’s FHFA Appointee Expected to Curb GSE Footprint but Not Enough to Roil Housing

Eric Kaplan of the Milken Institute: “I don’t think the non-agency market is ready to absorb the market that’s taken away from the GSEs without some significant signaling in advance.”

October 31, 2018 - IMFnews

Freddie’s Layton: GSE CRT Economics Sometimes Misunderstood

Freddie CEO Don Layton said the CRT deals are “amazingly efficient…”

October 31, 2018 - IMFnews

Freddie Earned $2.7 Billion (Net) in 3Q18. Treasury Will Get $2.6 Billion

Freddie said it expects to make the $2.6 billion dividend payment in December.

October 30, 2018 - IMFnews

Short Takes: Parity for the FHLBs and FanFred? / Once a Contender / Newfi and Non-QM / Strong Earnings from First American but Anxiety Too / From Alibaba to MGIC

Roughly 40 percent of Newfi Lending’s current loan volume entails the origination of mortgages that do not meet the qualified mortgage test.

October 30, 2018 - IMFnews

loanDepot Unveils Warehouse Securitization for Mello Unit

Clayton Services has been hired to conduct due diligence reviews every 90 days on 100 randomly selected loans.

October 30, 2018 - IMFnews

A Possible Problem for Ginnie: Fannie/Freddie MBS Getting an Explicit Guarantee from Uncle

Rob Zimmer, director of external affairs for the Community Mortgage Lenders of America, is in the camp of those worrying about the ramifications…

October 30, 2018 - IMFnews

Fairholme Tells Investors Court Ruling ‘Should Advance’ the ‘Re-IPO’ of Fannie and Freddie

Fairholme adds: “This is good news when you count the cash that Fannie and Freddie have earned and will earn.”

October 29, 2018 - IMFnews

Short Takes: Bill Dallas Speaks / FoA’s New Reverse Product / A Blow-Out Earnings Number from Freddie? / Fannie? / No Permanent President for Ginnie, Still / Former FHLB Chicago Exec Named President of CU Mortgage Firm

On Wednesday, Freddie Mac will release third-quarter results...

October 29, 2018 - IMFnews

A Sure Bet for the New FHFA Director: No More GSE Pilot Programs?

The fact that these initiatives were ever approved by the FHFA angered critics of the government-sponsored enterprises…

October 29, 2018 - IMFnews

MSR Transfers Boomed in 3Q18, Aided by Franklin American Sale

The top five bulk MSR transfers were led by Franklin American, followed by Stearns, loanDepot, Flagstar and United Shore/United Wholesale Mortgage…

October 26, 2018 - IMFnews

What We’re Hearing: Cut in Half, Ellie Mae’s Share Price / 1H 2019: A Challenge / Walking the Floor of the MBA Show / A Bullish Outlook for Servicing, Non-QM Lending / If Stocks Tank Further, Good Things Might Happen / High on Chris George’s ‘To Do’ List: GSE Reform

But putting the negativity aside for a minute, there are a couple of bright spots in the industry: Servicing valuations and non-QM lending...

October 26, 2018 - IMFnews

Freddie’s Layton: CRTs Transforming Housing-Finance System

Freddie CEO Don Layton: Some 90 percent of the credit risk on multifamily mortgages is being transferred…

October 26, 2018 - IMFnews

Commercial Mortgage Securitizations Slowed in 3Q18 but MF Surged

Thanks to Fannie Mae and Freddie Mac, multifamily securitizations surged 44.7 percent…

October 25, 2018 - IMFnews

Short Takes: HUD Chief on GSE Reform / Carson’s Sober Take on Interest Rates / New Rez’s MSR Bet Paying Off? / In Love with a 4 Percent Mortgage / Incenter Executive Leaves for Blue Water

HUD Secretary Ben Carson had some sobering thoughts about low interest rates...

October 25, 2018 - IMFnews

The Final Tally for 3Q18 Originations: $435 Billion. Modest Declines Expected in the Quarters Ahead

The mortgage market was somewhat more top-heavy in the third quarter, with the top 25 lenders accounting for 57.7 percent of total production…

October 24, 2018 - IMFnews

Trouble Brewing? FHA and VA Delinquencies on the Rise

No wonder Ginnie Mae Acting President Michael Bright is nervous: Short-term default rates showed the biggest increases…

October 24, 2018 - IMFnews

Ginnie Mae EVP Maren Kasper: Prepays are Still a Big Problem

A growing concern that foreign investors might avoid Ginnie MBS?

October 23, 2018 - IMFnews

Senate Banking Committee Hearing on GSE Pilots is Back On – Post Election

Cowen expects the next FHFA director to either terminate the GSE pilots or let them expire...

October 23, 2018 - IMFnews

Purchase Mortgages Dominate Jumbo MBS Issuance in 3Q18

Prime jumbo MBS issuance continues to be dominated by 30-year FRMs, with few interest-only products represented…

October 22, 2018 - IMFnews

More Experimentation in Non-Agency MBS Market with Issuance from Verus

The structure results in principal payments to subordinate classes earlier in the transaction…

October 19, 2018 - IMFnews

What We’re Hearing: One Last Criticism from Jeb Hensarling Regarding the FHFA / In Agreement on 80 Percent / Departing Fannie, Freddie Directors May Pose a Challenge / Two Major Concerns: Originations and Profit Margins / Plaza Home Wants AEs / Bill Ashmore’s New Job?

The FHFA IG says "a number" of director positions at Fannie and Freddie are set to expire: "Changes in leadership can lead to a lack of attention to internal controls..."

October 19, 2018 - IMFnews

Non-Mortgage ABS Production Down Sharply in 3Q18

Most of the third-quarter slippage occurred in the business-finance category, where ABS production tumbled 51.2 percent...

October 19, 2018 - IMFnews

New Residential Issuing Non-QM MBS with Loans from New Penn

In total, 54.0 percent of the loans were underwritten using bank statements…

October 18, 2018 - IMFnews

Short Takes: BCFP, Not CFPB / At MBA, Standing Room Only for Mick Mulvaney / Annaly Readies Non-QM MBS / A Warehouse Securitization Deal for loanDepot / Cash is King

An affiliate of Annaly Capital Management is preparing to issue a $384 million mortgage-backed security stocked with non-qualified mortgages and loans for investment properties…


With loan volumes declining, does your shop have plans to enter the non-QM lending market in 2019?

Yes, definitely. A solid move forward.
Yes, but only incrementally.
We’re pondering a move into non-QM, but haven’t made up our mind.
No, definitely not. We view it has too risky.

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