Agency MBS

Browse articles from all of our Newsletters related to Agency MBS.

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.


November 15, 2018 - IMFnews

JPM Packages Jumbos with Relatively High LTV Ratios in Unique MBS

Moody’s Investors Service said 47.0 percent of the dollar volume of the loans in the MBS were underwritten by United Shore…


November 14, 2018 - IMFnews

Short Takes: MMIF Audit Due Thursday / Good News Expected but no FHA Premium Cut / Trades Voice Support for Kraninger at the CFPB / A Promotion at Stewart Title

The groups expressed their view that Kraninger has the ability to lead and manage the CFPB and protect the financial interest of consumers.


November 14, 2018 - IMFnews

1,400 Stakeholders Contacted as Part of GSE UMBS Conversion

Fannie and Freddie and their joint venture, Common Securitization Solutions, will implement the SSI and issue the first UMBS on June 3 of next year…


November 14, 2018 - IMFnews

Goldman Preps Large Non-Agency MBS Backed by Seasoned Mortgages Acquired from a ‘GSE’

Loans in GSMBS Trust 2018-RPL1 were acquired from a government-sponsored enterprise, though Fitch didn’t identify which GSE.


November 13, 2018 - IMFnews

Short Takes: Assessing the Value of GSE Common / The Prior Decade and GSE Share Prices / Worrying About Home Values in California / Another MBS Settlement for Wells Fargo / Vendor Hires Fannie Mae Official

Early last decade, Fannie common once traded as high as $85.03, Freddie $68.20.


November 13, 2018 - IMFnews

KBW Raises Earnings Estimates on Fannie and Freddie, Questions CRTs

As of Sept. 30, Fannie and Freddie had some form of risking sharing on 38 percent to 42 of their guaranteed portfolios, respectively.


November 12, 2018 - IMFnews

Short Takes: Still Hiring, UWM / Strong Growth for the Nation’s Largest Wholesaler / The Moelis GSE Plan: the Good and the Bad / Promotions at Nations Lending

United Wholesale Mortgage continues to hire...


November 12, 2018 - IMFnews

Odds of GSE Reform May Not Have Changed Much

Gone from the Senate, via retirement, is Sen. Bob Corker, R-TN, a moderate Republican who was a proponent of reforming the secondary mortgage market…


November 12, 2018 - IMFnews

GSE Credit Box Opened Slightly Wider in 3Q18

The dollar volume of low-score purchase loans increased by 29.8 percent from the second to the third quarter, while total GSE purchase business went up 23.6 percent.


November 9, 2018 - Inside The GSEs

GSE Roundup

FHFA and CFPB Release New Loan-Level Dataset. The Federal Housing Finance Agency along with the Consumer Protection Finance Bureau on Nov. 8 released for public use a new loan-level dataset collected through the National Survey of Mortgage Originations (NSMO) that provides insights into borrowers’ experiences in getting a residential mortgage. FHFA Deputy Director Sandra Thompson said, “The goal of the survey is to obtain information ... [Includes four briefs]


November 9, 2018 - Inside The GSEs

FHFA Releases GSE CRT Progress Report for First Half of 2018

Fannie Mae and Freddie Mac transferred risk on about $367 billion of unpaid principal balance in the first half of the year as the GSEs target a larger share of single-family loans. The Federal Housing Finance Agency published a credit-risk transfer progress report last week highlighting activity through the second quarter of 2018. This report marks the first time the FHFA is reporting the percentage of the GSEs’ targeted single-family and multifamily acquisitions that are covered by credit-risk transfer ...


November 9, 2018 - Inside The GSEs

Freddie Publishes White Papers on Underserved Multifamily

More needs to be done to incorporate affordable rental units into all geographic areas, according to Freddie Mac, which released a series of white papers last week focusing on the underserved multifamily housing markets. The GSE is publishing a total of eight papers as part of its duty-to-serve initiative to bring the issue of affordable apartments to the forefront. One of the papers explored how state housing finance agencies help guide low-income housing tax credit investment to high-income ...


November 9, 2018 - Inside The GSEs

FHFA Says Freddie Missed Two Low-Income Housing Goals

The Federal Housing Finance Agency’s annual report on housing showed that Freddie Mac fell short of meeting two of its four single-family affordable housing goals for 2017. The GSE came close but didn’t meet the low-income and very low-income purchase goals. The low-income goal was 24.0 percent and Freddie came in at 23.2 percent. The very low-income purchase target was 6.0 percent and Freddie was at 5.7 percent. The FHFA recently notified Freddie of the shortage ...


November 9, 2018 - Inside The GSEs

GSE Shareholders Urge Judge to Reject FHFA’s Request

Fannie Mae and Freddie Mac shareholders in a class action suit are urging U.S. District Judge Royce Lamberth to reject the government’s request to reconsider his opinion. On Sept. 28, Royce ruled that the Treasury sweep breached an implied covenant of good faith. That ruling paved the way for shareholders to continue their case against the government. But the Federal Housing Finance Agency and the GSEs are challenging that ruling. They filed a motion on Oct. 15 asking for ...


November 9, 2018 - Inside The GSEs

Fannie Inaugurates REMIC Structure Latest CRT Deal

Fannie Mae’s last Connecticut Avenue Securities credit-risk transfer transaction of the year featured its first use of a structure geared toward attracting more investors. CAS Series 2018-R07, a $922 million offering, is Fannie’s first risk-transfer deal involving a real estate mortgage investment conduit (REMIC). Both Fannie and Freddie see REMICs as a key to unlocking greater participation by real estate investment trusts and offshore investors. Freddie issued its first CRT using a REMIC ...


November 9, 2018 - Inside The GSEs

GSEs Report $6.7 Billion Combined Profits, Attract More CRT Investors

Fannie Mae and Freddie Mac posted a combined net profit of $6.72 billion for the third quarter while continuing to expand their credit-risk transfer programs. GSE earnings as a whole were down slightly from the $6.96 billion in the previous quarter, but that can be primarily attributed to Fannie’s 10.0 percent drop from the second quarter to $4.01 billion. Fannie’s new chief financial officer, Celeste Brown, said the decrease was due to lower credit-related income ... [Includes one data chart]


November 9, 2018 - IMFnews

What We’re Hearing: The ‘Hensarling Effect’ / Team Trump, Not Congress, Will Reshape the Fannie and Freddie / Timing? / Selling Servicing Rights to Unleash Revenue / Ocwen’s Head Count

The first move expected is a possible lowering of GSE loan limits...


November 9, 2018 - IMFnews

Single-Security Transition is on Schedule, but Some Investors May Prefer One GSE Over the Other

The grand concept behind the single security is that MBS issued by Fannie and Freddie will be fully fungible and interchangeable.


November 8, 2018 - Inside MBS & ABS

Fannie, Freddie Continue to Carve Away at Retained Mortgage Investment Portfolios, Earn $6.7B in 3Q

Fannie Mae and Freddie Mac reported $6.72 billion in net income during the third quarter, down 3.5 percent from the previous quarter. The government-sponsored enterprises have also been actively whittling down their retained portfolios.


November 9, 2018 - IMFnews

Agency Single-Family MBS Production Softened in October as Purchase Market Deflated

Fannie, Freddie and Ginnie issued a combined $98.03 billion of single-family MBS last month, a 5.1 percent drop from September…


November 8, 2018 - Inside Mortgage Finance

With Production and Profits Slowing, Ginnie Mae Tells Nonbank Servicers to Draft Liquidity Plans

Increasingly worried about the liquidity of its largest nonbank issuer/servicers, Ginnie Mae is telling this select group of companies to come up with a plan to address what an agency spokesman characterized as “eventualities.” (Includes one data chart.)


November 7, 2018 - IMFnews

Short Takes: GSE Oversight Hearing Delayed Yet Again / Coming in 2019? / Maxine Water’s GSE Reform Bill? / Bermuda Insurer Partners with Radian / Ocwen’s New Name? Maybe Newco? / PrimeLending’s New Hire

Will Rep. Maxine Waters tackle GSE reform?


November 6, 2018 - IMFnews

Short Takes: Calabria for the FHFA Job? / Egenhoefer’s New Gig? / Ocwen’s Share Price Gets Clocked / WAMCO Prepares EC MBS / Invitation Homes’ SFR Inventory / Fast-Growing Servicers

Among the nation’s top 20 servicers at Sept. 30, Freedom Mortgage had the largest increase its MSR balances...


November 5, 2018 - IMFnews

Short Takes: The Election Day Crystal Ball and the GSEs / One More Try at a GSE Bill? / Hensarling Wants to Bury the GSE Model / John Britti’s Extra Pay / A New Texas Branch for Waterstone

On Friday, long-time GSE critic Rep. Jeb Hensarling, R-TX, took one more rock to Fannie and Freddie...


November 2, 2018 - Inside FHA/VA Lending

QM Patch Expiration Could Shift More High-DTI Loans to FHA

Certain potential changes could materially affect origination volume and determine the government-sponsored enterprises’ direction going forward, according to analysts. One of those changes could have a significant impact on the FHA market. Wells Fargo Securities analysts recently looked at three potential developments in the Fannie Mae/Freddie Mac sphere and evaluated their effects on the broader mortgage market. Two of those potential changes – loan limits and guarantee fees – are controlled directly by the Federal Housing Finance Agency, while the third relates to the temporary GSE qualified-mortgage exemption, or “QM patch,” which could affect the FHA market. All three factors loom over the mortgage landscape as the FHFA expects a new director in January 2019, who is likely to be more right leaning and could shift the focus back to shrinking the ...


November 2, 2018 - Inside FHA/VA Lending

GNMA Sees Growing Need for Financing of Nonbank MSR

Ginnie Mae officials would welcome a return of commercial banks to the program, but they are not planning on it. Instead, the agency is looking the other way: at expanding financing options for nonbank portfolios of mortgage servicing rights. The current version of Ginnie’s acknowledgement agreement has been successful, enabling nonbank servicers to arrange MSR financing for virtually their entire portfolios, said Michael Drayne, a senior vice president at Ginnie, during the Residential Mortgage Finance Symposium sponsored by the Structured Finance Industry Group this week in New York. Although a number of banks are financing nonbank servicing portfolios, many are still not participating, he said. Karen Gelernt, a partner at Alston & Bird, noted that many banks continue to have anxiety about what will happen if a servicer defaults on its Ginnie requirements. Speaking as moderator on a panel with ...


November 2, 2018 - IMFnews

What We’re Hearing: The Strange Case of Fannie Mae and Freddie Mac / Pro-Pilot Programs / Warren Buffett and the GSEs / Mortgage Recruiter by Day, Opera Singer by Night / Lima One Makes its Move / Magnetar?

A huge non-QM expansion for Athas Capital?


November 2, 2018 - IMFnews

A Sequential Earnings Decline for Fannie Mae, but a Strong Profit Nonetheless

In less than two weeks, the Senate Banking Committee will hold an oversight hearing on controversial pilot programs launched by Fannie and Freddie...


November 1, 2018 - Inside MBS & ABS

Large Investor Preparing Clients for UMBS, Recommends Combining Mortgage Concentration to Avoid Challenges

One large fixed income investor is working with clients now to make sure they’re prepared to invest in the new single security when it rolls out next summer. Western Asset Management is advising investors to consider aggregating their mortgage concentration and exposure limits for the uniform MBS that Fannie Mae and Freddie Mac will issue in the to-be-announced market.


November 1, 2018 - IMFnews

Short Takes: Should the GSEs Increase Servicing Compensation? / Hanging with Mr. Cooper at No. 3 / PennyMac’s Amended Repo Line / Strong Underwriting Income for Arch, KBW Likes Radian

David Fleig of MorVest: “We have numerous active conversations with clients thinking about selling MSRs and I am sure our competitors do as well.”


November 1, 2018 - IMFnews

Trump’s FHFA Appointee Expected to Curb GSE Footprint but Not Enough to Roil Housing

Eric Kaplan of the Milken Institute: “I don’t think the non-agency market is ready to absorb the market that’s taken away from the GSEs without some significant signaling in advance.”


October 31, 2018 - IMFnews

Freddie’s Layton: GSE CRT Economics Sometimes Misunderstood

Freddie CEO Don Layton said the CRT deals are “amazingly efficient…”


October 31, 2018 - IMFnews

Short Takes: Judging Risks and Rewards at Freddie / The Gift that Keeps on Giving: The Trump Tax Cut / Despite Some Losses, Mortgage Bankers Remain Liquid / An Earnings Decline at Radian / Leaving Wells Fargo for a Nonbank

Freddie Mac benefited to the tune of $200 million (pre-tax) by reducing the write-down on its net deferred tax asset...


October 31, 2018 - IMFnews

MIAC, Phoenix Capital Out with New MSR Offerings

According to the offering circular, the portfolio is top-heavy with Ginnie product...


October 31, 2018 - IMFnews

Freddie Earned $2.7 Billion (Net) in 3Q18. Treasury Will Get $2.6 Billion

Freddie said it expects to make the $2.6 billion dividend payment in December.


October 30, 2018 - IMFnews

Short Takes: Parity for the FHLBs and FanFred? / Once a Contender / Newfi and Non-QM / Strong Earnings from First American but Anxiety Too / From Alibaba to MGIC

Roughly 40 percent of Newfi Lending’s current loan volume entails the origination of mortgages that do not meet the qualified mortgage test.


October 30, 2018 - IMFnews

A Possible Problem for Ginnie: Fannie/Freddie MBS Getting an Explicit Guarantee from Uncle

Rob Zimmer, director of external affairs for the Community Mortgage Lenders of America, is in the camp of those worrying about the ramifications…


October 30, 2018 - IMFnews

Fairholme Tells Investors Court Ruling ‘Should Advance’ the ‘Re-IPO’ of Fannie and Freddie

Fairholme adds: “This is good news when you count the cash that Fannie and Freddie have earned and will earn.”


October 29, 2018 - IMFnews

Short Takes: Bill Dallas Speaks / FoA’s New Reverse Product / A Blow-Out Earnings Number from Freddie? / Fannie? / No Permanent President for Ginnie, Still / Former FHLB Chicago Exec Named President of CU Mortgage Firm

On Wednesday, Freddie Mac will release third-quarter results...


October 29, 2018 - IMFnews

Prestwick Announces Auction of GSE, Private Investor MSRs

Fannie Mae receivables dominate the package at $70.9 million...


October 29, 2018 - IMFnews

A Sure Bet for the New FHFA Director: No More GSE Pilot Programs?

The fact that these initiatives were ever approved by the FHFA angered critics of the government-sponsored enterprises…


October 29, 2018 - IMFnews

MSR Transfers Boomed in 3Q18, Aided by Franklin American Sale

The top five bulk MSR transfers were led by Franklin American, followed by Stearns, loanDepot, Flagstar and United Shore/United Wholesale Mortgage…


October 26, 2018 - Inside The GSEs

Fannie Deploys New Tool to Help Servicers with Investor Reporting

Fannie Mae recently introduced a new tool – the Loan Servicing Data Utility platform – to simplify investor reporting.


October 26, 2018 - Inside The GSEs

GSEs Preparing Industry for 2019 Launch of Major Initiatives

Fannie Mae and Freddie Mac said it’s critical that the mortgage industry prepare now to implement both the Uniform Mortgage Data Program and the single security next year.


October 26, 2018 - Inside The GSEs

Senate Committee Reschedules Hearing on Fannie, Freddie Pilots

A Senate hearing on Fannie Mae and Freddie Mac pilot programs is back on the schedule for the lame-duck session of Congress following the elections next month.


October 26, 2018 - Inside The GSEs

New Freddie Mac Underwriting Tool Aids Lending to the Self-Employed

Freddie Mac updated its Loan Product Advisor to include a feature for assessing the income of self-employed borrowers in an automated underwriting system, the first such tool in an AUS, officials say.


October 26, 2018 - Inside The GSEs

Layton Says CRTs Transforming Housing-Finance System

During a discussion with Inside The GSEs, Freddie Mac CEO Donald Layton said the credit-risk transfer program is one of the company’s greatest accomplishments.


October 26, 2018 - Inside The GSEs

Treasury Official Says Reform is a Priority as GSE Execs Bow Out

Top officials at Fannie Mae and Freddie Mac extolled the major improvements made at the two GSEs over their decade in conservatorship, and a key Trump administration official reiterated his view that the gains should be preserved.


October 26, 2018 - IMFnews

What We’re Hearing: Cut in Half, Ellie Mae’s Share Price / 1H 2019: A Challenge / Walking the Floor of the MBA Show / A Bullish Outlook for Servicing, Non-QM Lending / If Stocks Tank Further, Good Things Might Happen / High on Chris George’s ‘To Do’ List: GSE Reform

But putting the negativity aside for a minute, there are a couple of bright spots in the industry: Servicing valuations and non-QM lending...


Poll

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.

vote to see results