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Volume 2017 - Number 16

August 4, 2017

Flagstar’s New Jumbo MBS Has a Couple of Quirks

The first post-crisis prime non-agency mortgage-backed security from Flagstar Bank looks a lot like other deals issued in recent years, including exceptionally strong underwriting standards. However, the bank did break from the pack slightly with a few features in the new issuance. The $443.79 million Flagstar Mortgage Trust 2017-1 received AAA ratings with credit enhancement of 6.25 percent on the senior tranche. The deal was predominantly backed by non-agency jumbos, but ...

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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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