Securities

Browse articles from all of our Newsletters related to Securities.

January 22, 2018 - IMFnews

Short Takes: Fannie, Freddie and the Government Shutdown / Ginnie Mae Down to a Skeleton Crew? / Sorry, Call Later When We’re Open / But the CFPB is Open for Business / New LOs for Mortgage Network

HUD tells the mortgage industry: “Due to the federal government shutdown, the information on this website may not be up to date…”


January 22, 2018 - IMFnews

A Boom Year for Mortgage Servicing Transfers, Though 4Q Cooled Somewhat

The bulk market was dominated by New Residential Mortgage…


January 19, 2018 - Inside Mortgage Trends

Mortgage Industry Sees Promise in Blockchain

Distributed ledger technology known as blockchain has the potential to transform back-end functions in mortgage origination, servicing and secondary marketing, according to industry participants. Blockchain has gained some prominence as virtual currencies such as bitcoin are reliant on the technology. Tim Willis, head of the governance and controls practice at RiskSpan, an analytics firm, said reporting of servicing data to investors hasn’t changed much in the past two decades ...


January 19, 2018 - IMFnews

What We're Hearing: GSE Reform is Dead, Here’s Why / Okay, Maybe a 20 Percent Chance of Passage / What’s Riskier? GSE Stock or Bitcoin? / Nonbank CEO Ready to Depart / Brett Hively Resurfaces / FHA and the Government Shutdown

The White House may be committed to GSE reform, but Republicans are not...


January 19, 2018 - IMFnews

Behind the Trump Tax Changes: Revised Treatment of Rate-Lock Commitments and Hedges

IRLCs generally last 30 to 60 days, with lenders agreeing to make a mortgage at a particular interest rate prior to funding the loan.


January 19, 2018 - IMFnews

Non-Mortgage ABS Issuance Hit a Post-Crisis High in 2017

Total non-mortgage ABS production climbed to $211.72 billion in 2017, the market’s strongest year for new issuance since 2007…


January 19, 2018 - Inside MBS & ABS

Eighth Circuit Raises the Bar for Indemnification Claims, Ruling Benefits Mortgage Sellers, Insurers

Correspondent lenders and insurers may benefit from a recent decision by the U.S. Appeals Court for the Eighth Circuit regarding indemnification for prior settlements.


January 19, 2018 - Inside MBS & ABS

GSE Shareholders Continue to Appeal, Argue Their Case Against FHFA, Treasury in 2018

After their case against the Federal Housing Finance Agency was dismissed by the U.S. District Court for Delaware in November, government-sponsored enterprise shareholders David Jacobs and Gary Hindes recently filed an appeal.


January 19, 2018 - Inside MBS & ABS

The Fed’s ‘Great Unwind’ Will Likely Lag Due to Payment Uncertainties, Aspects of the TBA Market

The plan of the Federal Reserve’s Open Market Committee to shrink the U.S. central bank’s huge balance sheet probably will unfold with a bit of a lag because of the uncertainty surrounding principal payments and the forward-settling nature of the to-be-announced MBS market, according to economists at the Federal Reserve Bank of New York.


January 19, 2018 - Inside MBS & ABS

Freddie Expands ACIS Credit-Risk Transfer Program, Securing Two-Year Commitment to Cover Acquisitions

Freddie Mac recently introduced a new front-end credit-risk transfer option for its Agency Cred-it Insurance Structure program, the second-largest form of its CRT activity.


January 19, 2018 - Inside MBS & ABS

MBS and ABS Issuers Tap Financing for Retained Risk, Helping to Minimize Impact of Requirement

Issuers of MBS and ABS are finding ways to finance their holdings of retained risk in the wake of risk-retention requirements that came into effect in 2016, according to attorneys at the law firm of Mayer Brown.


January 19, 2018 - Inside MBS & ABS

Issuance of Non-Agency MBS Backed by New Jumbo and Expanded-Credit Mortgages Starts 2018 with a Bang

After a typical lull at the end of the year, issuance of non-agency MBS is coming fast and furious. A number of issuers are prepping deals backed by a variety of newly originated loans, including prime jumbo mortgages, expanded-credit mortgages and loans eligible for sale to the government-sponsored enterprises.


January 19, 2018 - Inside MBS & ABS

Capitol Hill Hasn’t Shown Its Secondary-Market Reform Plans, FHFA Worries about Too Many Guarantors

Although the stars might be aligned for legislative reform of Fannie Mae and Freddie Mac this year, new developments late this week illuminate the difficulty of the task at hand.


January 19, 2018 - Inside MBS & ABS

Non-Mortgage ABS Issuance Hit Post-Crisis High in 2017 Despite Sluggish Finish in 4Q17

A huge rebound in securitization of credit-card receivables in 2017 helped boost the non-mortgage ABS market to a significant 21.2 percent increase in new issuance, according to a new rank-ing and analysis by Inside MBS & ABS.


January 19, 2018 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

A full page of issuance data and MBS market indicator


January 18, 2018 - IMFnews

Galton Funding Tests the Non-Agency MBS Waters

Most of the mortgages in the MBS were underwritten with full documentation…


January 18, 2018 - IMFnews

FHFA Chief Unveils Agency Views on GSE Reform, Worries About Having Too Many ‘SMEs’

Watt and his staff do not want taxpayers to foot the bill for failing mortgage guarantors…


January 18, 2018 - IMFnews

The Trend is Clear: Nonbanks Poised to Have a 50 Percent Agency MSR Share

The nonbank share of agency servicing grew by 4.7 percentage points during 2017.


January 17, 2018 - IMFnews

In 4Q17, A Sharp Increase in Prime Jumbo MBS, and Expanded-Credit Deals

Expanded-credit MBS – which include loans with alternative documentation, non-qualified mortgages and nonprime loans – hit $4.08 billion in 2017…


January 17, 2018 - IMFnews

New Residential to Raise $440 Million Via Stock Sale. More Acquisitions Ahead?

The REIT has a current market cap (share price multiplied by number of units outstanding) of $5.27 billion.


January 16, 2018 - IMFnews

Short Takes: GSE Reform, Yes. Passage? No / Galton’s Return to Nonprime / Citi’s Incredibly Shrinking MSR Portfolio / Legislative Reg Relief On the Way? / English Wants Expedited Review in CFPB Appeal

GSE reform may emerge from the Senate Banking Committee, but as for final passage...


January 16, 2018 - IMFnews

New Prime Jumbo MBS from Chase Smaller than Previous Deals

In the new MBS, 41.9 percent of the mortgages were eligible for sale to Fannie Mae and Freddie Mac…


January 16, 2018 - IMFnews

Ginnie Mae MBS Program Faltered in 2017…

The agency – which still doesn’t have a permanent president – issued $443.2 billion of MBS backed by forward single-family mortgages in 2017, a 10.8 percent decline from the previous year.


January 12, 2018 - Inside FHA/VA Lending

Ginnie MBS Program Faltered In 2017, Refi Flow Up in 4Q17

Ginnie Mae set records for new issuance of single-family mortgage-backed securities in 2015 and 2016, but production sagged last year, according to a new analysis and ranking by Inside FHA/VA Lending. The agency issued $443.20 billion of MBS backed by forward single-family mortgages in 2017, a 10.8 percent decline from the previous year. Including FHA reverse mortgages and that are not truncated, 2017 issuance fell 10.3 percent to $455.00 billion. Meanwhile, the private mortgage insurance business – based on Fannie Mae and Freddie Mac MBS data – saw a smaller decline of 5.0 percent from 2016 to last year. The VA program generally held up better than the FHA program during the fourth quarter, when refinance lending was climbing. But the FHA had a better year overall despite some loss of market share in purchase-mortgage activity. Deliveries of FHA loans into ... [ Charts ]


January 12, 2018 - IMFnews

Non-Agency MBS Rallies, Reverses 2017 Slump

Non-agency mortgage-backed securities issuance had its best quarter of 2017 during the final three months of the year.


January 12, 2018 - Inside MBS & ABS

Fannie Mae, Freddie Mac Multifamily Markets Continued to Grow in 2017, Focused on Green

The government-sponsored enterprises both ended 2017 with record-setting numbers in the mul-tifamily market. Freddie Mac issued $68.0 billion in multifamily securities last year, up from $51.2 bil-lion the previous year.


January 12, 2018 - Inside MBS & ABS

Key Lender Protections in the CMBS Space Appear to be Breaking Down, Moody’s Frets

Critical components of loan structural quality in the commercial MBS space seem to be deteriorating, particularly when it comes to single-borrower deals, according to a new report from Moody’s Investors Service.


January 12, 2018 - Inside MBS & ABS

Latest Servicing-Advance Securitization from New Residential Rated AAA by Morningstar

A planned MBS from affiliates of New Residential Investment received much higher ratings than a similar deal issued by the firm in 2016. The deals are backed by the excess spread tied to servic-ing rights on non-agency mortgages.


January 12, 2018 - Inside MBS & ABS

Ginnie Mae Redefines ‘Defective Mortgage,’ Clarifies Buyout Criteria for Loans with No FHA, VA Coverage

Ginnie Mae is redefining the term “defective mortgage” to remind issuers of their obligations when confronted by a home loan that does not have federal insurance or a guarantee. The action also clarifies options issuers may consider in dealing with defective mortgages.


January 12, 2018 - Inside MBS & ABS

Angel Oak Sees Demand from Investors for Non-Qualified Mortgages, Raises $291 Million for Private Credit Fund

Angel Oak Capital Advisors saw stronger than expected demand from investors for a fund that focuses on non-qualified mortgages. AOCA announced last week that the private fund closed to new investors after raising $291 million, exceeding the initial goal of $250 million.


January 12, 2018 - Inside MBS & ABS

VA, Ginnie Mae Working on Additional Long-Term Measures to Rein in Predatory Refinancing Practices

The Department of Veterans Affairs and Ginnie Mae are ramping up efforts in 2018 to curb serial refinancing, including long-term solutions, increased portfolio monitoring and protection for veterans against predatory lending practices.


January 12, 2018 - Inside MBS & ABS

Non-Agency MBS Market Finishes Strong in 4Q17, Though Seasoned Collateral Still Dominates Sector

Non-agency MBS issuance had its best quarter of 2017 during the final three months of the year, boosting annual production 30.2 percent higher than in 2016, according to a new ranking and analysis by Inside MBS & ABS.


January 12, 2018 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

A full page of issuance data and MBS market indicators


January 11, 2018 - IMFnews

Short Takes: Rates Back Up/Applications Rise/Caliber's Non-Prime MBS/Reg C, Z Thresholds Rise

Mortgage rates are back up for the week ending Jan. 11, 2018, following Treasury yields, according to the latest results of the Freddie Mac Primary Mortgage Market Survey, released Thursday morning.


January 10, 2018 - IMFnews

Latest MBS from New Residential Viewed More Favorably than Previous Deal

A planned mortgage-backed security from New Residential Investment received much higher ratings than a similar deal issued by the firm in 2016.


January 9, 2018 - IMFnews

Non-Agency MBS Issuers to Bring a Flurry of Deals After a Lull in December

Redwood Trust is preparing two prime jumbo MBS, JPMorgan Chase has one of its own and an affiliate of Caliber Home Loans plans to issue a nonprime deal.


January 8, 2018 - IMFnews

Looks Like Mortgage Lenders are Over-Reserving for GSE Buybacks

It appears that many lenders may have what is known in the industry as “redundant reserves”…


January 5, 2018 - IMFnews

Gundlach’s DoubleLine Ready to Take the Nonprime Plunge?

Officials at DoubleLine wouldn’t comment…


January 5, 2018 - IMFnews

About that GSE Bill Being Worked on in the Senate…

Progressives are worried that in 2019 a new Federal Housing Finance Agency director will takeover, undoing much of what they like about the current system…


January 5, 2018 - Inside MBS & ABS

Fees Applied to MBS Trades to Pay for FICC Technology Development Are Set to Expire

Trading MBS will be slightly less expensive this year as the Fixed Income Clearing Corp. is preparing to eliminate a fee it imposed to help pay for technology upgrades. The fee applied to FICC members and generally ranged from $1,000 per month to $20,000 per month based on trading activity.


January 5, 2018 - Inside MBS & ABS

Syncora Settles MBS Dispute with Greenpoint; NY Courts Favor Nomura and Barclays in MBS Lawsuits

Syncora Guarantee, Inc., an insurer of structured-finance transactions, has settled a long-running dispute with Greenpoint Mortgage Funding over hundreds of millions of dollars in losses on bundles of soured home-equity mortgages held in trust.


January 5, 2018 - Inside MBS & ABS

Credit Rating Agencies Are Elevating Their Game, But Room Still Exists for Improvement, SEC Finds

Investors might be seeing better performance from the credit rating agencies these days. In two new reports, the Securities and Exchange Commission says ratings firms are more compliant and are utilizing information technology to a greater extent, all while remaining competitive, especially some of the smaller ones.


January 5, 2018 - Inside MBS & ABS

PennyMac Mortgage Investment Trust Uses Structured Finance Vehicle to Fund Fannie Mae Servicing Rights

PennyMac Mortgage Investment Trust, through three affiliate companies, has entered into a structured deal to finance Fannie Mae mortgage servicing rights and excess servicing spread.


January 5, 2018 - Inside MBS & ABS

Entity Established by DoubleLine Set to Issue Non-Agency MBS and CMBS, Attract Other Investors to Offerings

DoubleLine Capital, an investment management firm, recently created a new entity with plans to issue non-agency MBS and commercial MBS. These activities will be conducted via the new Mortgage Opportunities Capital, according to filings with the Securities and Exchange Commission.


January 5, 2018 - Inside MBS & ABS

Lenders Should Revisit and Adjust Repurchase Reserves in Light of GSE Buyback Decline

With Fannie Mae and Freddie Mac buybacks at post-crisis lows, mortgage sellers should reevalu-ate their repurchase reserves for a number of reasons that could impact their business, according to mortgage industry experts. With loan quality significantly improved and underwriting standards tight-ened, many lenders are likely overestimating potential buybacks and carrying excess reserves.


January 5, 2018 - Inside MBS & ABS

Securitization Market Comes Up a Little Flat at End of 2017, But Some Sectors Posted Gains from Previous Year

In the end, 2017 couldn’t match the huge volume of MBS and ABS generated the year before, a new Inside MBS & ABS analysis reveals.


January 5, 2018 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

A full page of issuance data and MBS market indicators


January 4, 2018 - IMFnews

Incenter Out with Another MSR Offering, This One for $3 Billion

The delinquency rate on the MSR portfolio is 1.02 percent...


January 4, 2018 - IMFnews

Redwood Set to Issue First Prime Jumbo MBS Deal of the Year

Clayton reviewed 481 mortgages that are slated for securitization…


January 4, 2018 - IMFnews

Surprise: In 4Q17, GSE MBS Issuance Actually Increased

Fact: Fannie and Freddie securitized more purchase-money mortgages in 2017 – $472.77 billion – than in any year since 2007.


Poll

How many new retail loan officers (net) is your shop looking to hire in the first quarter of 2018?

1 to 10. We’re being careful.
11 to 30. We’re feeling slightly bullish.
31 or more. We’re in expansion mode.
None. We’re staying right where we are, for now.
We’re cutting back.

vote to see results