Browse articles from IMFnews related to Secondary/MBS.

December 14, 2018 - IMFnews

What We’re Hearing: FHA Loan Limits / What a Shutdown Means / The Return of Angelo Mozilo / The Finger of Blame Points to Wall Street / New Disclosures from Ditech / A Subservicing Business Dominated by One Client

The panel Mozilo spoke on was billed: “Join two titans of the industry as they discuss the past, present and future of the mortgage industry.”

December 14, 2018 - IMFnews

Calabria Gets the Nod for the FHFA Job. Rebuilding Capital on His Agenda?

A fool’s bet: that the GSE conservatorships will end anytime soon…

December 14, 2018 - IMFnews

Non-Agency MBS Outstanding Nears the End of an 11-Year Tunnel

Roughly $458.6 billion of single-family non-agency MBS were outstanding at September 30, a scant 0.1 percent drop from June…

December 13, 2018 - IMFnews

Short Takes: Headed Into Receivership: Fannie and Freddie? / Politically Pragmatic / No Life in the Common / Coming Soon: A Platform Closure at Ocwen / A New 52-Week Low

Federal Financial Analytics calculates the trigger will be pulled by mid-2019.

December 13, 2018 - IMFnews

Verus Packages More Nonprime Mortgages for Investment Properties in MBS

Loans from 36 lenders will be included, led by Sprout Mortgage with a 43.3 percent share.

December 12, 2018 - IMFnews

Pick of GSE Critic Mark Calabria Will Mark a New Era at the FHFA

Tom Piercy of Incenter Mortgage Advisors: “Calabria is not an advocate for our industry – but he is also being appointed by the president, who does not want housing to falter between now and 2020.”

December 11, 2018 - IMFnews

It’s Official: Trump Picks GSE Critic Mark Calabria to Head the FHFA

The nomination had been expected for several weeks now and paves the way – quite possibly –for limitations on GSE pilot programs, loan parameters and secondary market liquidity.

December 11, 2018 - IMFnews

Short Takes: The Six Horsemen of the GSE Apocalypse / If You Have to Ask, You’re in Trouble / G-Fees Hold Steady / Plaza Home’s New Tag Line / NAMB Giving Away Software for Free

NAMB is giving away free software...

December 11, 2018 - IMFnews

One GSE Shareholder Speaks Up: Calabria Will be Constrained in His Mission to Dissolve Fannie and Freddie

James Fenkner says Calabria will be “constrained in his mission to dissolve Fannie and Freddie.”

December 11, 2018 - IMFnews

Neuberger Berman Sources Majority of Loans for Non-QM MBS from Sprout Mortgage

Based in Henderson, NV, Sprout is a correspondent lender.

December 10, 2018 - IMFnews

Short Takes: Hope in Cash-Out Refis / loanDepot’s Refi Stats / Position Filled / Chicago-Area Lender Gets Fannie Mae Approvals / More on Calabria and the FHFA Job / Mulvaney, Mnuchin Up for the Chief of Staff Job? / Waterstone Hires Rocky (Rockwell)

Fannie Mae has approved Neighborhood Loans, Lombard, IL, as a new seller/servicer...

December 10, 2018 - IMFnews

New MBA President Broeksmit Toes the Party Line on GSE Reform

The MBA chief also makes it blatantly clear that he is no fan of any “recap and release” proposals for the government-sponsored enterprises either...

December 10, 2018 - IMFnews

Caught in the Market’s Down-Draft: Texas Capital, the Nation’s Second Largest Warehouse Provider

The warehouse lending sector has experienced a noticeable decline in profit margins…

December 10, 2018 - IMFnews

REIT Investments in GSE CRT Deals Could Surge

Fannie and Freddie addressed that problem by beginning to structure CAS and STACR transactions as real estate mortgage investment conduits – which REITs can buy more freely.

December 7, 2018 - IMFnews

What We’re Hearing: Mark Calabria to Head the FHFA (Looks That Way) / Can Mulvaney Fix the U.S. Debt Problem? / Keeping the Debt Clock at the HFSC? / Kraninger Yes, Michael Bright No / Nomura and Ditech (More) / CMG Mortgage Hires Regency Executive / Home Point Goes All-TPO / The Midwest Mortgage Mecca

If Michael Bright is not confirmed in the current Congress, President Trump will have to re-nominate him...

December 7, 2018 - IMFnews

How to Shrink the GSE Footprint Without Having to Ask Congress To Do Anything

Want to shrink Fannie and Freddie? Cut investor loans, then move on to cash-out refis…

December 7, 2018 - IMFnews

Agency MBS Issuance Not-So-Bad in November 3Q18, Off by Just 1.0 Percent

Agency production last month was buoyed by an increase in securitization of refinance loans…

December 7, 2018 - IMFnews

Indiana Bank Pays off Debt to Home Point and Agrees to Buy its Warehouse Unit, NattyMac

Founded by industry vet Willie Newman, Home Point is owned by investment funds managed by Stone Point Capital...

December 6, 2018 - IMFnews

Short Takes: Stock Market Ugly / Bring on the Cash-out Refis? / GSE Stocks Can’t Catch a Break / Carrington Readies First Non-QM MBS / New Penn Unveils New Name: NewRez

Carrington Mortgage is working on its first non-QM securitization...

December 5, 2018 - IMFnews

HFSC Hearing on GSE Bill Postponed. Time is Running out for Chairman Hensarling…

Some industry lobbyists believe the Senate Banking Committee hearing on GSE pilot programs will not be held this year at all.

December 5, 2018 - IMFnews

Cerberus Affiliate Packages Seasoned Second Liens in Non-Agency MBS, a First for Post-Crisis Issuance

Towd Point Mortgage Trust 2018-SJ1 is the first post-crisis non-agency MBS backed by second liens to receive a credit rating.

December 4, 2018 - IMFnews

Short Takes: Nomura and Ditech? / Ocwen Sets a New Low / Fannie, Freddie and NPL Sales / Citadel’s Growth in Nonprime Servicing / A New Hire for Mortgage Network

Fannie Mae and Freddie Mac continue to sell NPLs but for how long?

December 4, 2018 - IMFnews

With No Chance of Passage, Hensarling’s GSE Reform Bill Gets an Airing on Thursday

When the measure was first introduced, one housing lobbyist quipped: “This is like someone laying on their death after drinking and sinning and finally realizing they need to get baptized. This is not being introduced for good political reasons.”

December 4, 2018 - IMFnews

Warehouse Commitments Shrink as Nonbanks Struggle with Originations

Commitment levels are decent, but nonbanks just aren’t using the lines they’ve been granted.

December 3, 2018 - IMFnews

Short Takes: The Hearing That Keeps Getting Postponed: GSE Pilot Programs / Remembering the Financial Accomplishments of President George H.W. Bush / Too Many Servicing Workers? / Mortgage Layoffs at SoFi / Vantage Score Hires Former Fannie Executive

Under the watch of President George H.W. Bush, S&Ls were re-regulated and given a core housing mission.

December 3, 2018 - IMFnews

Freddie Brings Conventional Financing to New Generation of Manufactured Homes

Although the manufactured home industry is lobbying for chattel lending, Fannie Mae and Freddie Mac still require real property for collateral.

December 3, 2018 - IMFnews

Prime Non-agency MBS May Plateau, Nonprime and Expanded Prime Expected to Grow

KBRA said nonprime issuance in 2019 should benefit from an increase in origination volume and other efficiencies…

December 3, 2018 - IMFnews

VA Prepares to Move Against Abusive Cash-Out Refis, but Details are Light

The VA notice says there are “urgent and compelling circumstances” that warrant issuing an interim final rule that will go into effect quickly.

November 30, 2018 - IMFnews

Retail Channel Posted Highest FICO Scores in 3Q18

However, average debt-to-income ratios were all over the map…

November 29, 2018 - IMFnews

Agency Share of Jumbo Mortgage Lending Increased in 3Q18

Year-to-date agency securitization of conforming-jumbos totaled $72.36 billion as of the end of September…

November 28, 2018 - IMFnews

GSE Purchase Market Lost Steam in October

Most of the refinancings facilitated by Fannie and Freddie are cash-out deals…

November 28, 2018 - IMFnews

Industry Has a Muted Reaction to High GSE Loan Limits. However…

Former MBA Chief Dave Stevens on the higher conforming loan limits: “For an industry led mostly by conservatives, this dependence on a socialized financial system is really ironic.”

November 27, 2018 - IMFnews

Short Takes: Homebuyers Hitting the Brakes / But No Reason to Panic / Senate Moves Closer to Vote on Kraninger / Freddie’s ‘Sweat Equity’ Deal / A New Hire for Embrace Home Loans

Arch Chief Economist DeFranco says despite lower sales, it’s still a seller’s market in most cities…

November 27, 2018 - IMFnews

GSE Loan Limit Set at $484,350 for 2019, a Gain of Almost 7.0 Percent

HERA allows exceptions for the maximum conforming loan limits for “high cost areas.”

November 27, 2018 - IMFnews

Losses Nearly Nonexistent on Expanded-Credit MBS with Loans from Caliber

Caliber’s loans are generally underwritten to a full documentation standard for income, assets and employment.

November 27, 2018 - IMFnews

What Might a New FHFA Director Do to the Secondary Market?

Stakeholders don’t anticipate the FHFA, with a new director nominated by President Trump, to move immediately to reduce the current benchmark loan limit...

November 26, 2018 - IMFnews

Short Takes: Steven Mnuchin Packing His Bags? / Probably Not / The Key to Administrative Reform of the GSEs: The Next FHFA Director / According to the AEI / A Promotion at Ocwen Financial

Cowen believes Mnuchin will survive the turbulence but notes the situation still poses a risk to Fannie Mae, Freddie Mac and the big banks…

November 26, 2018 - IMFnews

Ocwen Hires Former Fannie Mae Securitization Chief to Head Lending Business

According to a statement issued by Ocwen, while at Fannie Yanoti was responsible for developing the common securitization platform.

November 26, 2018 - IMFnews

White House Contemplating Calabria for the FHFA Job. Big or Gradual Changes in the Wings?

The implication is that banks – which seems to have excess capacity on their balance sheets – could simply hold conventional loans in portfolio…

November 26, 2018 - IMFnews

Bank Holdings of MBS Drifted Lower in 3Q18

A huge chunk of the fall-off in Fannie/Freddie MBS holdings occurred at Wells Fargo, which reduced its investment in these securities by $7.31 billion.

November 26, 2018 - IMFnews

Biting Comments on FHFA’s Proposed Rule on UMBS

Making sure the MBS issued by the two GSEs perform identically, within narrow limits, is key to convincing traders…

November 21, 2018 - IMFnews

Short Takes: Angel Oak is Hiring / Carrington Launches Correspondent Division / Applications Decline / 2 Non-QM MBS with Loans from Impac / MIAC Offers Whole Loans for Auction / A Short Publishing Break

Carrington Mortgage this week announced the launch of its correspondent lending division.

November 21, 2018 - IMFnews

FHFA Trying to Find a Capital Balance That Can Handle Market Cycles

In its comment letter to the FHFA, Fannie Mae suggests the rule should use original credit scores and LTV ratios, rather than mark-to-market values…

November 21, 2018 - IMFnews

Correspondent Platforms Gained Market Share in 3Q18

Wells Fargo remained the top producer of correspondent-originated loans with $26.64 billion in third-quarter volume and a 20.2 percent share of the market…

November 20, 2018 - IMFnews

Short Takes: A New 52-Week Low for Ocwen / John Britti’s Stock Awards / The Dow Swoons, Rates Fall / Freddie’s ACIS Deal / Ed Pinto Weighs in on GSE Capital / Merry Christmas, Buy a House (The Day After) / UWM Still #1 in Wholesale

Ed Pinto wants a 4.0 percent capital ratio for Fannie Mae and Freddie Mac...

November 20, 2018 - IMFnews

Cash-Out Refi Investment-Property Mortgages Collateral for New MBS

Visio originates through the retail channel but also uses loan brokers…

November 16, 2018 - IMFnews

What We’re Hearing: GNMA’s Michael Bright is Taking No Chances / Ginnie Servicing is Now Worth… / Bright and the FHFA Job / The Bigger You Are… / 47 Percent of Lenders Eyeing the Non-QM Market? / Radian Gets a New Controller

A new poll being conducted by Inside Mortgage Finance/IMFnews shows that 47 percent of lenders are contemplating originating non-QM mortgages in 2019...

November 16, 2018 - IMFnews

Under Michael Bright, Ginnie Mae Continues to Tighten Issuer Standards, Accountability

Ginnie said the evaluation will be “similar to those employed by credit rating agencies.”

November 16, 2018 - IMFnews

REIT MBS Holdings Grew in 3Q18. Non-Agency Product in Demand

Non-agency MBS holdings by REITs grew slightly faster than agency securities…

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.


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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