Browse articles from IMFnews related to Secondary/MBS.

July 13, 2018 - IMFnews

Latest Expanded-Prime MBS from Redwood Somewhat Smaller than Previous Deals

Sequoia Mortgage Trust 2018-CH3 will be a $416.96 million issuance, according to a presale report by Kroll Bond Rating Agency.

July 13, 2018 - IMFnews

Mixed Trends for Residential MBS Issuance Halfway Through 2018

Some $315.95 billion of single-family MBS was issued in the second quarter, up 8.2 percent from the previous quarter, according to Inside MBS & ABS.

July 12, 2018 - IMFnews

Short Takes: FHA in a Hiring Mode / CAIVRS, Old as Dirt? / Likening the GSEs to ‘The Blob’ And His Son / Level One Ponies up to the Mortgage Bar / MSR Auction from The Prestwick Group

One slide in the GSE presentation is entitled, “The Blob and the Return of the Blob,” a reference to the horror movie classics of the late 1950s…

July 12, 2018 - IMFnews

GSE Single-Family Business Up Modestly in 2Q18 as Purchase Market Kicks In

All of the growth in GSE volume came from the purchase-mortgage side of the business…

July 11, 2018 - IMFnews

PMI Analysts Look at Fannie’s New MI Pilot, Wondering If It Poses a Threat

But there’s a catch for lenders: Originators will have to pay an additional loan-level price adjustment…

July 11, 2018 - IMFnews

Verus Affiliate Set to Issue Largest Post-Crisis Nonprime MBS to Date

Roughly 44.6 percent of the loans were underwritten with alternative documentation or bank statements…

July 11, 2018 - IMFnews

Moody’s Warns that Non-Agency Underwriting Standards Could Deteriorate

Under the Economic Growth, Regulatory Relief and Consumer Protection Act, banks with less than $10 billion in assets can receive QM treatment for certain loans...

July 10, 2018 - IMFnews

Flagstar Hires Regions Bank Executive to Head Retail

In the first quarter of 2018, Flagstar funded $7.88 billion of home mortgages, just $960 million of which came through the retail channel...

July 10, 2018 - IMFnews

Purchase Market Springs to Life in 2Q18, Freddie Regains Market Share

The net result was a strong gain in Freddie’s share of the GSE market…

July 9, 2018 - IMFnews

Short Takes: Those Ginnie Warnings on VA IRRRLs Apparently Worked / The Trump GSE Plan, Going Nowhere? / NJ Lender Launches Call Center in SC / Churchill in a Hiring Mode / Walker & Dunlop Hires Capital Markets Executive

Although loan production is down this year, that isn’t stopping some lenders from moving forward with expansion plans.

July 9, 2018 - IMFnews

Agencies Leaning More on the ‘QM Patch’

The share of high-DTI loans has continued to go up this year…

July 6, 2018 - IMFnews

Short Takes: Making Sense of the BLS Mortgage Employment Numbers / Fewer Construction Workers Means… / Budget Scoring and the GSEs. Meaning? / Hey, Maybe Amazon Should buy Impac (CashCall)

So, what’s the big deal? Under FCRA, Fannie and Freddie would add $23.5 billion in revenue to Uncle Sam’s coffers for 2019...

July 6, 2018 - IMFnews

DBRS Tops in Rating Non-Agency MBS

Kroll Bond Rating Service moved up from fourth place in 2017 to start this year in second…

July 5, 2018 - IMFnews

Short Takes: Megabank Bidding on VA IRRRLs / HUD Didn’t Fix the Mess / Blame the Dodd-Frank Reform Act / Applies to REMICs Only / JPM Remains the FHLB Advance King

Needless to say, the VA IRRRL issue is complicated...

July 5, 2018 - IMFnews

Trump Plan Calls for Moving USDA Housing Programs to HUD

Rep. Kenneth Lucas, R-KY, worried that rural communities face challenges that are far different than those faced by typical FHA or VA homebuyers…

July 5, 2018 - IMFnews

Street Firms Inch Their Way Back into the Nonprime (Non-QM) Market

A handful of Street firms are now actively making repo lines in the sector…

July 3, 2018 - IMFnews

Short Takes: An MSR-Only Sale for Ditech? / Layoffs at The Money Source / Fannie and Freddie Trim Subprime Holdings / A Capital Raise for Redwood / New Rez Closes on Shellpoint Deal

TMS called it a “realignment,” explaining the cuts are part of a plan to “fuel fintech growth.”

July 2, 2018 - IMFnews

Short Takes: Lending Tree Comes Back Down to Earth / If Mortgage Rates Hit 5 Percent… / WMIH and Nationstar Shareholders Approve / NJ Mortgage CEO and Founder Resigns / Executive Bolts Stewart for WFG

LendingTree founder and CEO Douglas Lebda took home total compensation of $59.6 million last year...

June 29, 2018 - IMFnews

What We’re Hearing: A Lifeboat Too Small? / Non-QM Loans Performing Well, So Far / Ridiculous Housing Prices Continue / A 40 Percent Disappearance Rate? / A Recession Might Save the Day / Fannie Trouble? / Costly Borrowing for WMIH

Once risk-layering appears and LTV ratios climb, then all bets are off...

June 29, 2018 - IMFnews

The VA IRRRL ‘Orphan’ Loan Tally: A $500 Million Mess?

Ginnie Mae: “We are glad to work with industry participants to try to find workable solutions allowable by law.”

June 29, 2018 - IMFnews

Nonbanks Increasingly Taking Over Agency MBS Production

The tally: nonbanks grew their GSE business by 1.5 percent during the first five months of the year. Banks retrenched by 16.2 percent…

June 27, 2018 - IMFnews

Short Takes: HUD Chief Carson Gives a Target Date for FHA Condo Rule / Different Agencies, Different Criteria / No Changes in Ratings on Fannie and Freddie / Angel Oak Promotes Jumbo Loan / FHFA IG Official Steps Down

FHA may soon have a new condo lending rule, but one lobbyist called it "four years too late..."

June 27, 2018 - IMFnews

A Decline in FHLB Advances. Big Drops for JPM and Wells

The figures show that compared to the first quarter of 2017, both JPM and Wells greatly reduced their FHLB borrowings…

June 27, 2018 - IMFnews

A ‘Scratch and Dent’ Market Develops for VA ‘Orphan’ Loans

Some warehouse lenders are nervous about the VA ‘orphan loan’ mess as well, sources told Inside Mortgage Finance…

June 27, 2018 - IMFnews

Bank Loan Sales Down Sharply in First Quarter, JPM Especially

Second-ranked JPMorgan Chase reported a hefty 48.3 percent decline in mortgage sales.

June 26, 2018 - IMFnews

Impac Partners with Commercial REIT Starwood on Non-QM Loans

Starwood began acquiring non-QM loans last fall using Federal Home Loan Bank advances...

June 26, 2018 - IMFnews

A Spike in Fannie Mae Loan Repurchases

Virtually all of the repurchase activity is now focused on newer production.

June 25, 2018 - IMFnews

Originator of Mortgages in Non-Agency MBS from Credit Suisse Purposefully Unidentified

Presale reports for non-agency MBS backed by new originations typically identify lenders that account for at least 5.0 percent of the contributions…

June 22, 2018 - IMFnews

What We’re Hearing: Mick Mulvaney, Conservative? / A GSE Starting Point? / Mortgage and Big Tech. Can it Work? / Amazon v. Quicken – is Dan Gilbert Ready? / Movement Mortgage? / LenderLive Hires an Advisor / New Hires for Ditech

One former loanDepot official had this to say about the rumor: “It makes sense. loanDepot has plenty of loan officers handling inbound leads. Amazon could create a ton more and compete with Quicken….”

June 22, 2018 - IMFnews

Securitization Rate Holds Steady in Early 2018, but GSEs Lost Market Share

Mortgage lenders started diverting high-balance GSE-eligible loans into non-agency MBS last year…

June 22, 2018 - IMFnews

As Ginnie’s Book of Business Grows Even Larger, Agency Moves to Ensure Issuer Liquidity

The possibility of issuer failure is a continuing concern at Ginnie Mae…

June 21, 2018 - IMFnews

Surprise: White House Publishes Ideas for Ending the GSE Conservatorships

The Trump blueprint would remove the federal charter from statute and fully privatize the government-sponsored enterprises.

June 21, 2018 - IMFnews

JPM to Issue one of the Largest Post-Crisis Prime Non-Agency MBS Deals

KBRA assigned preliminary AAA ratings to the MBS with credit enhancement of 6.00 percent on the senior tranche.

June 20, 2018 - IMFnews

Incenter and MIAC Out With Bulk MSR Auctions

The delinquencies on the MIAC package total 5.3 percent…

June 20, 2018 - IMFnews

Angel Oak Set to Issue its Largest Nonprime MBS to Date

The non-QM MBS also includes loans originated by unaffiliated lenders, including Sterling Bank & Trust…

June 19, 2018 - IMFnews

Ginnie Rolls Out New Metric for Monitoring Issuer Performance

The announcement follows recent administrative actions against three VA lenders that were penalized for cherry picking and refinancing unseasoned loans…

June 19, 2018 - IMFnews

Financiers Take an Interest in Non-QM Sector. Cantor Fitzgerald Making the Rounds

At least two foreign-based investment banks are ready to enter the non-QM market...

June 19, 2018 - IMFnews

Nine Groups Want Fannie and Freddie to Have a Regulatory-Mandated Capital Restoration Plan

Consultant Joshua Rosner of Graham-Fisher said the letter is significant because it marks the first time that the ICBA has joined with civil rights groups and housing organizations on a GSE-related matter.

June 15, 2018 - IMFnews

What We’re Hearing: There Goes the GSE Footprint / MBA Chief Tackles GSE Stock Speculators / Underwater: Pershing Square / Fannie-Freddie Charter Creep or are They Just Helping the Little Guy? / New Hires for TCF

It’s official: The Treasury Department’s goal is to reduce the footprint of Fannie Mae and Freddie Mac. Who says so? Treasury counselor Craig Phillips...

June 15, 2018 - IMFnews

MBS Outstanding on a Steady Growth Track. Ginnie MBS Balance: $1.83 Trillion

Year over year, MBS outstanding grew by 4.8 percent, according to a new tally from Inside MBS & ABS…

June 15, 2018 - IMFnews

Flagstar Increases Due Diligence Sample Size with Latest Prime Non-Agency MBS

Some rating services have concerns that a 20.0 percent due diligence sample rate is too low…

June 14, 2018 - IMFnews

Short Takes: FHFA Ignoring HERA? / A Refresher Course / How Fannie and Freddie Dismantled Legislative Bomb Threats / A Large RPL Auction from Fannie / OCC to Finally Weigh In on Fintech

It might be said that OFHEO was a weak federal regulator...

June 14, 2018 - IMFnews

Don’t Look Now but Ginnie Servicing Prices are the Best They’ve Been All Decade

Servicing brokers such as Mark Garland, Steve Harris and Tom Piercy are seeing new entrants to the MSR-buying market…

June 14, 2018 - IMFnews

MSR Market Heats Up, New Auctions from Phoenix, MIAC

Bank buyers of MSRs favor packages that are at least $2 billion in size…

June 13, 2018 - IMFnews

Short Takes: Budget Cuts at the CFPB? / BCFP not CFPB / Sounding the Alarm on U.S. Debt / A Flow Servicing Platform Run by the GSEs / A New Hire for United Fidelity

Do federal deficits even matter anymore? Jeff Gundlach thinks so...

June 13, 2018 - IMFnews

Merrill Lynch Faulted by SEC for Non-Agency MBS Trading Practices from 2009 through 2012

In settling with the SEC, Merrill Lynch did not admit or deny the findings…

June 13, 2018 - IMFnews

MBS Business Up Modestly, but GSE Credit Box Unchanged

In the first quarter, average credit scores on purchase mortgages were virtually unchanged…

June 12, 2018 - IMFnews

Retail Channel Gained Share in Some Markets

Mortgage brokers actually gained some share in the government market…

June 12, 2018 - IMFnews

FHFA Proposes Minimum Capital Requirements for Fannie and Freddie. An RBC ‘Bill’ of $181 Billion

By comparison, commercial banks must have tier 1 capital of 8.0 percent of risk-weighted assets.

June 11, 2018 - IMFnews

MBS and ABS Issuers Taking Steps to Address Move Away from LIBOR

The banks that report rates that form the basis of LIBOR won’t be required to participate in the survey after 2021…


With mortgage production down noticeably this year from 2017, how many lenders might disappear via M&A or failure during the next 12 months?

10% or less. It’s not that bad out there.
11% to 25%. It’s a challenging market.
25% to 40%. It’s going to be very ugly.
No opinion.

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