Browse articles from IMFnews related to Secondary/MBS.

November 21, 2017 - IMFnews

A 40-Page GSE ‘Draft’ Bill is Circulating in the Senate

As press time, details were sketchy, but lobbyists who claim to have knowledge of the draft caution there are several “different pieces” to the measure...

November 21, 2017 - IMFnews

FHA’s ‘Tangible Benefit Test’ Might be the Solution to VA’s Churning Problem

However, a tool currently used by FHA appears to be an obvious solution to the churning problem…

November 20, 2017 - IMFnews

Mortgage Tech Vendors Make Case for Greater Digitalization

Tech vendors believe that home lenders are seeing dramatic benefits from automating their secondary marketing operations…

November 20, 2017 - IMFnews

GSE Sellers Take Baby Steps on Risk – but at a Glacial Pace

This most-risky bucket accounted for just 2.6 percent of refi business in the third quarter...

November 20, 2017 - IMFnews

A Strong October for Freddie, GSE Takes Market Share from Fannie

Freddie officials stated that the GSE continued to incur market-adjusted pricing costs in the form of lower MBS guarantee fees.

November 17, 2017 - IMFnews

What We’re Hearing: A Mystery (for Now): Franklin Codel’s Dismissal at Wells / A Major Changing of the Guard is Afoot / Rick Glass: Only the Strong Will Survive / Mick, Tell us How You Really Feel About the CFPB / Fannie & Freddie CEOs Seem Content…

A major changing of the guard is now afoot in the mortgage industry...

November 17, 2017 - IMFnews

Fannie and Freddie Approved to Re-Enter LIHTC Market for First Time in 10 Years

Freddie said it plans to close its first investment in January 2018.

November 17, 2017 - IMFnews

Angel Oak Set to Issue its Third Nonprime MBS of the Year; Bank-Statement Loans 35 Percent of the Collateral

Self-employed borrowers whose incomes were determined with bank statements account for 35.0 percent of the collateral.

November 17, 2017 - IMFnews

Pending Tax Reform has MBS Between ‘A Rock and a Hard Place’

If substantial tax reform is enacted, it would likely lead to rising expectations about growth and inflation, leading to a selloff in rates…

November 17, 2017 - IMFnews

Watt Likely Won’t Act on Zero Capital Buffer This Year, but Consensus Forming on a GSE Bill?

Republicans are reportedly on board with the federal MBS guarantee but reluctant to backstop future guarantor entities…

November 17, 2017 - IMFnews

Mortgage REITs Boost Residential MBS Holdings in 3Q17

MBS-investing REITs boosted their holdings by 10.1 percent on a sequential basis…

November 16, 2017 - IMFnews

House Panel Passes Bill That Would Override State Usury Laws

It remains to be seen whether the language of the bill will be incorporated into the regulatory relief package…

November 15, 2017 - IMFnews

Chase to Include a Large Amount of Non-QMs in its Latest Jumbo MBS

The new MBS from JPM concentrates on jumbo mortgages. The average loan balance is $952,747.

November 14, 2017 - IMFnews

Correspondent Share of FHA Loans Nears the 49 Percent Mark

Correspondent programs are most dominant in the FHA market, perhaps reflecting a preference among large producers to have recourse…

November 13, 2017 - IMFnews

Invictus Includes Loans Aggregated by Shelter Growth in Latest Nonprime MBS

Mortgages aggregated by Shelter Growth account for 43.5 percent of the collateral.

November 10, 2017 - IMFnews

As Promised: If the GOP Lowers the Corporate Tax Rate, the GSEs are in Deep Trouble

“A significant reduction in the corporate tax rate would result in a significant net loss, and that could result in a loss for the year,” said Fannie CEO Timothy Mayopoulos…

November 10, 2017 - IMFnews

Surprise: CMBS Has its Best Issuance Quarter Since 2Q08

Fannie, Freddie and Ginnie continued to dominate multifamily activity…

November 10, 2017 - IMFnews

What We’re Hearing: The Wilbur Ross Story / Tapping Mortgage Expertise / Enter the Phrase ‘Legal Proceedings’ and See What You Find / David Kittle and the Ginnie Mae Job / Reverse Lender has Record Month / A New Hire for Better Mortgage

You might say that Wilbur Ross got out of Ocwen while the getting was good...

November 9, 2017 - IMFnews

SFIG Details Key Performance Indicators for Deal Agents on Non-Agency MBS

While the concept was introduced more than a year ago, the specific duties for a deal agent remained a work in progress…

November 9, 2017 - IMFnews

Short Takes: $250K a Year in Severance for Impac President / Capital One will Remain in Multifamily / Goldman Wins Fannie Mae Bid / Quicken Gets Some Company at the Top / A New Hire for AmeriFirst

Although Capital One is exiting single-family lending, the bank will continue to provide “specialized" multifamily financing...

November 8, 2017 - IMFnews

Ellington Readies First Non-Agency MBS. Loans Supplied by LendSure Mortgage

LendSure has financial backing from Ellington, among other investors…

November 8, 2017 - IMFnews

Treasury’s GSE Plan Still a ‘Work in Progress.' No Balance Sheet Allowed?

A guarantee fund would be developed to cover losses.

November 7, 2017 - IMFnews

Short Takes: The ‘Think-Tank’ GSE Hearing / More Red Ink for AAMC / AmeriSave’s New President / A Servicing Milestone for Flagstar / Equity Prime Hires New CFO

Tuesday’s panel discussion has been dubbed the “think tank” hearing because it includes representatives from the Urban Institute, the Milken Institute and American Enterprise Institute…

November 7, 2017 - IMFnews

Long-Time GSE Critic Peter Wallison Doesn’t Disappoint: Kill Fannie and Freddie, He Urges

According to Wallison: “There is nothing about the way the government has managed the housing finance system for the last 50 years that would remotely recommend a continuing government role.”

November 7, 2017 - IMFnews

Retail Still the Largest Source of Agency Loans

Correspondents generated 38.8 percent of the market and posted the highest purchase-mortgage concentration, 77.8 percent.

November 6, 2017 - IMFnews

Mortgage Brokers Poised to Gain Market Share?

Brian Vieaux, a senior vice president of third-party originations, said loan brokers are an “extension” of Flagstar’s reach through the retail channel.

November 3, 2017 - IMFnews

What We’re Hearing: The Mortgage Cycle Turns / PE Firms Ready to Pounce? / Show Mr. Cooper the Door? / Impac in Play? / loanDepot Retail Chief David Norris Departs for Law Enforcement Project / More Nonprime MBS on the Way

Ocwen will not be sold through a stock deal, but Nationstar could be...

November 3, 2017 - IMFnews

A Spike in Freddie MBS Issuance Helped Steady Volumes for October

But while Fannie production slumped 11.5 percent, Freddie saw a robust 23.9 percent jump in new issuance in October…

November 2, 2017 - IMFnews

Between Multiple Hurricanes and Wild Fires, a Market Develops for a New Breed of ‘Scratch & Dent’ Loans

According to bidders in the market, the early action focuses on loans that are “stuck” on warehouse lines.

November 2, 2017 - IMFnews

Fannie Mae Reports Strong Earnings for 3Q17; Hurricanes Hurt but RBS Settlement Helped

Through the first nine months of the year, Fannie has posted impressive net earnings of $9.02 billion.

November 1, 2017 - IMFnews

Fannie Mae Reports Strong Earnings for 3Q17, but $1B in Hurricane-Related Charges; Large Exposure to ‘Maria’

Fannie Mae CEO Timothy Mayopoulos added: “Damage from the storms will be with us for a long time.”

November 1, 2017 - IMFnews

Short Takes: Fannie Mae Readies 3Q17 Results / Should be a Good Quarter / Another Reverse Lender Hits the Auction Block? / Rejection Rates for FHA, VA Loans / A New Hire for Stearns

Look for another reverse mortgage lender to hit the auction block...

November 1, 2017 - IMFnews

Little Change in MBS Characteristics in 3Q17

Flagstar Bank was the top originator of loans that fed prime non-agency MBS in the third quarter…

November 1, 2017 - IMFnews

As Year Draws to a Close, a Rush to Get Servicing Packages Sold

There continues to be some nervousness about VA receivables because of streamlined refinancings, although regulators are trying to curb abuses in the program.

October 31, 2017 - IMFnews

Short Takes: Keeping an Eye on GSE Hurricane Charges / The Tax Bite / In the End, Treasury Wins No Matter What / More Delinquency Data / A Promotion at Norcom Mortgage

You might say that in the end, Treasury cannot lose when it comes to the GSEs...

October 31, 2017 - IMFnews

Deephaven Brings New Nonprime MBS with Angel Oak as Top Contributor

It’s Deephaven’s third nonprime MBS deal of the year…

October 31, 2017 - IMFnews

Ginnie Mae Task Force Mulls Cures for Rapid Refis

Aggressive refinancing now occurs immediately after the six-month window has expired, as some of the activity may have shifted into the custom pool market…

October 31, 2017 - IMFnews

Prime Non-Agency MBS Issuance Catches Fire in October

In the Chase MBS, 44.3 percent of the loans were originated by correspondents…

October 31, 2017 - IMFnews

Thanks (In Part) to Legal Settlement, Freddie Mac has Blowout 3Q17: $7.19 Billion Profit (Pre-Tax)

Freddie Mac set aside almost $1 billion in reserves for "recent hurricane activity."

October 30, 2017 - IMFnews

Thanks to Legal Settlement, Freddie Mac has Blowout 3Q17: $7.19 Billion Profit (Pre-Tax); Almost $1B in Hurricane-Charges

In late December, Freddie will make its regular quarterly dividend payment to the U.S. Treasury, which holds its senior preferred shares. When it does, most of the $4.67 billion in net earnings will be swept into the general fund.

October 30, 2017 - IMFnews

Short Takes: No Retained Portfolio for the GSEs? / A 33 Percent Chance for a Bill / Have a Mortgage Question? Ask a Real Estate Agent First / MIAC Selling Whole Loans / PrimeLending Picks SoCal Manager

No GSE-retained portfolios in Treasury's plan?

October 27, 2017 - IMFnews

What We’re Hearing: The Upper Hand on GSE Reform? / Jeb Hensarling, a Candidate for the FHFA Job? / Safe and Sound REITs / A Nice Return on Unsecured Consumer Loans / Dave Stevens Successor? / A Good Year for the Trade Group

But what about Watt? His term as director of the Federal Housing Finance Agency ends in early 2019...

October 27, 2017 - IMFnews

Fannie, Freddie Credit-Risk Transfer Deals Slowed in Third Quarter

CRT deals may be popular with legislators since they “de-risk” Fannie and Freddie, but over the long haul the transactions reduce profits for the GSEs, or so critics have charged…

October 27, 2017 - IMFnews

An Earnings Decline for MSR-Hungry New Residential; Servicing Portfolio Drops as Well

During 3Q, New Residential agreed to buy $3 billion of “flow” servicing rights from an unnamed seller.

October 26, 2017 - IMFnews

Servicing Brokers Show Concern on Fannie Mae Plan to Enter the MSR Marketplace

One dealmaker, requesting anonymity, added: “Why not just sell servicing on eBay? There are reasons the market for servicing is wired as it is.”

October 25, 2017 - IMFnews

Coming Soon: The Trump Administration’s ‘Principles’ on GSE Reform

Look for any principles on GSE reform to avoid specificity so as not to box-in legislation being drafted in Congress…

October 24, 2017 - IMFnews

Short Takes: ‘Zero Capital’ Gets Zero Mention by FHFA Director Watt / Fannie CEO None-Too-Thrilled with ‘Colonial Style’ / Flagstar Cites Sweet Profits from Homebuilder Finance / No Housing Bubble, Says Arch / Capstead Gets a New CFO

Homebuilder finance is booming at Flagstar Bancorp...

October 23, 2017 - IMFnews

Short Takes: MBA’s Stevens to the Troops: You’re Living Under a False Sense of Security / Trump’s Nominee to Head the FHFA? / How Basel Treats Servicing Assets / Executive Bolts PNC Bank for NewDay

MBA chief Dave Stevens: “What happens if the president nominates a new [FHFA] director who thinks the government role in mortgage finance is too large and wants to scale it back?"

October 23, 2017 - IMFnews

Agency Servicing Transfers Caught Fire in 3Q17, Reshaping MSR Market

In the third quarter, Movement Mortgage was the top seller of MSR assets via the coissuance market…

October 20, 2017 - IMFnews

What We’re Hearing: A Good (but Not Great) Year About to End / A Top-10 Lender for Sale? (No) / Will Mel Watt Clear the Air on ‘Zero Capital’? / The Freddie Mac Rumor / Ocwen’s Future May be Now?

Plenty of executives we’ve spoken to the past few months believe the industry is in for a considerable spate of M&A in the year ahead. Then again, we’ve heard that prediction before...


With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.
No. It’s still difficult compliance/regulatory-wise.
Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

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