Agency MBS

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

January 18, 2019 - Inside FHA/VA Lending

Plan Afoot to Reintroduce VA ‘Orphan Loan’ Measure

Congress reportedly plans to reintroduce legislation that would restore Ginnie Mae eligibility for hundred-million dollars’ worth of so-called orphan VA streamline refinance loans. H.R. 6737, Protect Affordable Mortgages for Veterans Act of 2018, was passed by the House by voice vote on Sept. 26 last year and was sent to the Senate, where it was stalled on a technicality. The bill aimed to clarify new seasoning requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (S. 2155) that specifically applied to VA’s Interest Rate Reduction Refinance Loans and which became effective upon enactment. The requirements were designed to curb churning of VA loans that were triggering unusually fast prepayments in Ginnie Mae mortgage-backed securities. Some lenders and brokers were soliciting homeowners to refinance their VA mortgages more than once to ...


January 18, 2019 - Inside FHA/VA Lending

Bright’s Hasty Exit Leaves a Vacuum at Ginnie Mae

Ginnie Mae has reached the halfway mark of President Trump’s first term without a permanent leader and appears likely to remain so until after the 2020 presidential election. Last week, Michael Bright, President Trump’s nominee to head Ginnie Mae, abruptly announced his resignation after waiting for months to be confirmed. Bright, who was executive vice president and chief operating officer, served as acting president of the agency after former President Ted Tozer resigned at the end of the Obama administration. Senate rules require resubmission if a nominee is not confirmed within the year he or she was nominated. This means going through the Senate vetting and confirmation processes all over again. It appears Bright no longer wanted to do that, opting instead to join the Structured Finance Industry Group, which represents all segments of the securitization industry, as president. In a Jan. 9 resignation letter to ...


January 18, 2019 - IMFnews

What We’re Hearing: GAO Worries About Fannie & Freddie / The Return of Jeb Hensarling / Top-Ranked Nonbank Enters the HELOC Market / Quicken Courts the Refi Market / Eddy Perez to Head MORPAC / Take Our Salary Survey

The title of the new GAO report says it all: The Prolonged Conservatorships of Fannie Mae and Freddie Mac...


January 18, 2019 - Inside MBS & ABS

Ginnie Issuer Ditech Gets a Breather from Note Holders

Ditech investors that control a large portion of the nonbank’s “Toggle Notes” have agreed not to force the troubled lender/servicer into bankruptcy — at least for now, according to a new 8-K filing with the Securities and Exchange Commission.


January 18, 2019 - Inside MBS & ABS

Shutdown Impedes Ginnie Liquidity Letters, Summit

The federal government shutdown is affecting business operations of Ginnie Mae, forcing the government guarantor to scuttle its annual summit with issuers and delaying progress on “liquidity letters.”


January 17, 2019 - Inside Mortgage Finance

A Week After Bright’s Exit, Ginnie Delays Annual Meet

Ginnie Mae announced that its 2019 annual summit scheduled for Feb. 4 and 5 in Washing-ton, DC, has been postponed, a casualty of the ongoing government shutdown. The announcement came midweek — and on the last day of service for acting President Michael Bright.


January 17, 2019 - Inside Mortgage Finance

Fannie and Freddie Common On a Bull Run – to Nowhere

Right before Christmas, Fannie Mae and Freddie Mac common stocks were in the dumps, trading in the over-the-counter market at a mere $1.08 and $1.07 apiece, respectively. But since then, the two have been on a gallop, rising by roughly 70.0 percent each.


January 17, 2019 - Inside Mortgage Finance

GSE Patch Fate Undecided Despite Its Importance

Uncertainty over the future of the so-called GSE patch — which the Consumer Financial Protection Bureau says helped Fannie Mae and Freddie Mac vastly boost mortgage market share — has industry watchers worried.


January 17, 2019 - Inside Mortgage Finance

More GSE Forbearance for Federal Employees?

As the record-long government shutdown nears the one-month mark, rumors are flying that Fannie Mae and Freddie Mac may ask servicers and lenders to offer more forbearance to furloughed federal employees.


January 17, 2019 - Inside Mortgage Finance

Large Nonbanks Grow Agency Servicing Share

A handful of heavyweight nonbanks ended 2018 with significant increases in their portfolios of servicing rights tied to agency mortgage-backed securities, according to an exclusive ranking and analysis by Inside Mortgage Finance.


January 17, 2019 - IMFnews

Nonbanks Significantly Increase Agency Servicing Market Share

Eighth-ranked Mr. Cooper also had huge quarter in MSR growth…


January 16, 2019 - IMFnews

Short Takes: Mr. Cooper Cuts Jobs in California / Blackstone’s Finance of America Unit Will Close Roseville Office / loanDepot Courting Wells Fargo LOs? / Freshman Socialist Will Sit on the HFSC / A New Hire for Nations Lending

Socialist Rep. Alexandria Ocasio-Cortez, D-NY, will sit on the House Financial Services Committee, which oversees banking, mortgages, as well as Fannie Mae and Freddie Mac.


January 16, 2019 - IMFnews

Private MIs Boost Share of Agency Purchase Loans

The FHA share of insured purchase loans has been falling…


January 16, 2019 - IMFnews

GSE Market Shifted Toward Megabanks in 4Q18

Chase’s secondary market patterns are typically herky-jerky…


January 16, 2019 - IMFnews

JPM Packs GSE-Eligible Collateral into a $978 Million Non-Agency MBS

Roughly 42 originators are providing collateral for the JPM MBS…


January 15, 2019 - IMFnews

Short Takes: Worrying About What Mark Calabria Might Do / Ever Seated? / A Price War Brewing in Non-QM? / Tim Anderson’s Blockchain Job / Freddie Gets a New General Counsel

We understand a bit of a price war may be brewing in the non-QM market...


January 14, 2019 - IMFnews

Hedging Losses Likely for Fannie and Freddie in 4Q18?

The more exaggerated the rate moves, the greater the gain or loss.


January 14, 2019 - IMFnews

Retail Channel Continues to Lose Market Share as Correspondent Surges

Wholesale-broker activity saw roughly the same rate of decline as the retail channel did...


January 11, 2019 - Inside The GSEs

GSE Patch Bolsters Market Share for Fannie/ Freddie

In a report released late Thursday, the Consumer Financial Protection Bureau mulled over the future of the so-called “GSE patch,” which exempts qualified mortgages at Fannie Mae and Freddie Mac from the CFPB rules limiting debt-to-income ratios to 43 percent.


January 11, 2019 - Inside The GSEs

Haywood Resigns from Fannie Mae Board

George W. Haywood, a successful private investor and friend of former President Obama, stepped down from the board of Fannie Mae last month.


January 11, 2019 - Inside The GSEs

Fannie Revises Foreclosure Time Frames, Fees

Fannie Mae has revised the maximum number of allowable days for routine foreclosure proceedings in 20 jurisdictions. For servicers in 16 states plus New York City, the number of days has been increased, while in three states the permitted time frame has been decreased.


January 11, 2019 - Inside The GSEs

Freddie Commits to First Non-LIHTC Forwards

Merchant Capital, an affordable housing lender based in Carmel, IN, announced in late December that it used Freddie Mac’s first official non-LIHTC forward commitment to secure financing for a $19.7 million workforce housing development in Rochester, MN.


January 11, 2019 - Inside The GSEs

GSE Policies for Selling, Servicing During Shutdown

At 21 days, the current government shutdown ties for the longest on record, and its impact on the GSEs and housing finance remains fluid.


January 11, 2019 - Inside Mortgage Trends

TPO Production Channels Grew in Agency Market

Retail mortgage lending continued to lose market share in the second half of 2018, mostly due to a surge in correspondent production. A new Inside Mortgage Trends analysis of mortgage-backed securities data shows that the retail share of loans sold to Fannie Mae, Freddie Mac and Ginnie Mae fell to 48.6 percent last year. During the fourth quarter, sales of retail-originated loans declined by 14.9 percent, the sharpest downturn among ... [Includes two data charts]


January 11, 2019 - IMFnews

What We're Hearing: The Otting Era Commences / Waiting on the Senate (It Didn’t Work for Michael Bright) / 11 Days In and All Shook Up / HFSC Chair Worries about Furloughed Workers and Delinquencies / Keep an Eye on Jan. 15 / The Milken Institute Weighs in on ‘Administrative’ Reform of the GSEs

We’re just 11 days into the new year and already things are getting interesting in the mortgage industry...


January 11, 2019 - IMFnews

What Michael Bright’s Resignation Might Mean for GSE Reform

The odds of GSE “recap and release” becoming a reality just went down…


January 11, 2019 - Inside MBS & ABS

Hedging Losses Likely for Fannie & Freddie in 4Q

Fannie Mae and Freddie Mac, scheduled to report fourth-quarter results in early February, are likely to once again show strong earnings, but the black ink likely will pale a bit from the $6.7 billion they posted (combined) in the third quarter.


January 11, 2019 - Inside MBS & ABS

Ginnie's Bright Resigns. Meaning for GSE Reform?

Acting Ginnie Mae President Michael Bright handed in his resignation this week, creating yet another vacancy in the Department of Housing and Urban Development hierarchy, and sparking discussions on what his departure might mean for reform of Fannie Mae and Freddie Mac.


January 10, 2019 - Inside Mortgage Finance

Otting Takes Charge as FHFA Acting Director

Joseph Otting, the comptroller of the currency, added the title of the Federal Housing Finance Agency acting director to his brief this week, effectively bringing the Mel Watt era at the agency to an end.


January 10, 2019 - IMFnews

Short Takes: Who Is Maren Kasper? / Not Shy / Headed to the White House? / GSE ‘Recap and Release’ Just Got Knee-Capped / IMA Offers Bulk MSR Package

With Michael Bright's departure, GSE "recap and release" just got hurt...


January 10, 2019 - Inside Mortgage Finance

Private MI Volume Slumped in 4Q18 Fannie/Freddie MBS

The flow of conventional mortgages with private mortgage insurance coverage into Fannie Mae and Freddie Mac mortgage-backed securities fell sharply in the fourth quarter – tracking a broader slump in purchase-mortgage business. [Includes three data charts.]


January 10, 2019 - IMFnews

Private MI Volume Slumped in 4Q18 Fannie/Freddie MBS

Fannie and Freddie securitized $66.89 billion of single-family loans with private MI coverage during the fourth quarter…


January 9, 2019 - IMFnews

Short Takes: UWM Removes LLPAs on Certain Loans / New Mortgage Applications Come Roaring Back / Tempering Optimism with a Government Shutdown / Seterus’ Leslie Peeler? / Complaints Registered

Four years ago, Leslie Peeler, the Fannie Mae senior vice president in charge of the GSE’s servicing decisions, left the mortgage giant for Seterus.


January 8, 2019 - IMFnews

Short Takes: $249 Million in Mortgage Payments at Risk? / Will Trump Order Fannie and Freddie to Stand Down? / Assessing Mark Calabria / Lovell Buys ATTOM / LoanLogics Hires Mortgage Tech Vet

Overwhelmingly, industry analysts expect Mark Calabria to shake things up at the Federal Housing Finance Agency – that is, once he’s approved by the full Senate.


January 7, 2019 - IMFnews

Short Takes: IRS Cranks Up the IVES Machine Again / Otting at FHFA, Day 1 / AltLoan Enlists a New Capital Markets Partner / 45 Percent Plan to Enter the Non-QM Space This Year / Academy LO Joins Bay Equity Home Loans

Roughly 45 percent of respondents said they definitely will enter the the Non-QM market this year.


January 4, 2019 - Inside FHA/VA Lending

Groups Resist Use of GNMA Model in GSE Reform Plan

The mortgage banking industry has raised concerns about a legislative proposal that would eliminate the current government-sponsored enterprise market and create a new secondary market structure based on a Ginnie Mae model.


January 4, 2019 - Inside FHA/VA Lending

Ginnie MBS Issuance Down In 4Q Despite Refi Uptick

Ginnie Mae issuance of single-family mortgage-backed securities fell predictably in the fourth quarter, despite an unexpectedly strong market for refinance loans. [Includes four data charts.]


January 4, 2019 - Inside Nonconforming Markets

Non-Agency Market May Get a Boost from FHFA

Industry analysts expect Mark Calabria to shake things up at the Federal Housing Finance Agency – that is, once he’s approved by the full Senate. “The nomination of Calabria should, in our view, be taken as an indication of the administration’s and the Treasury Department’s will to tackle housing reform proactively, rather than maintain the status quo,” analysts at Bank of America Merrill Lynch said. According to Wells Fargo Securities, Calabria’s nomination is one of the most significant ...


January 4, 2019 - IMFnews

What We’re Hearing: Top Production Exec Ready to Depart? / The Mel Watt Era at the FHFA is About to End / Will IBM do to Promontory What it Did to Seterus? / Ugly Mortgage Job Numbers / Selling Ditech Shares / Dynex Hires Dave Stevens as a Director

One former Fannie Mae executive familiar with Seterus opined that IBM likely received “pennies” compared to what it invested in Seterus...


January 4, 2019 - IMFnews

Mr. Cooper to Take Control of IBM’s Seterus. Fannie a Big Client

Market sources said Seterus struggled to find new servicing clients to replace its dwindling contracts with Fannie Mae.


January 4, 2019 - IMFnews

MBS/ABS Market Ends Year with Lackluster Production. Weakest Reading in Five Years

The biggest reason for the slump: the decline in single-family MBS production by Fannie, Freddie and Ginnie…


January 4, 2019 - IMFnews

A New Year and a New MBS from Redwood Trust

Servicing will be handled by six different firms with Shellpoint Mortgage Servicing getting a large chunk of the contract…


January 3, 2019 - IMFnews

Mr. Cooper to Take Control of IBM’s Seterus. Fannie a Big Client

Market sources said Seterus struggled to find new servicing clients to replace its dwindling contracts with Fannie Mae.


January 4, 2019 - Inside MBS & ABS

Ginnie Mae’s Accounting Woes Continued in FY 2018

Ginnie Mae again failed to correct an accounting flaw in its financial statements, prompting the Department of Housing and Ur-ban Development to withhold its opinion on the agency’s 2018 financial statement for the fifth consecutive year.


January 4, 2019 - Inside MBS & ABS

Freddie Says Single-Family Rental Program Was a Hit

After having initially been brushed off as unnecessary, a pilot program that allowed Freddie Mac and Fannie Mae to help finance single-family rental activity is now being hailed a success.


January 3, 2019 - Inside Mortgage Finance

GSE Single-Family MBS Business Declined Sharply in 4Q18

Seasonal factors slowed production of Fannie Mae and Freddie Mac MBS during the fourth quarter, although the refi sector showed some resilience in cash-out transactions. [Includes three data charts.]


January 3, 2019 - IMFnews

MIAC Closes $8 Billion MSR Sale. Several Auctions in the Works

Several brokerage firms are working on MSR transactions…


January 3, 2019 - IMFnews

A Not-So-Pretty 4Q18 for GSE MBS Issuance

Fannie and Freddie continued to see a slippage in the purchase market…


January 2, 2019 - IMFnews

Short Takes: A Government Shutdown-Related Reminder from Fannie Mae / A Fundraising Record for MBA’s MORPAC / Rising Worries, Falling Rates / Nervous / AI Gets a New (Annual) President

At press time, the yield on the benchmark 10-year Treasury was at 2.67 percent, the lowest reading in almost 12 months…


December 31, 2018 - IMFnews

Short Takes: Worrying About the IRS / NRMLA Talking to Members about the HECM Situation / Most Underwriting Can Continue / Mnuchin’s Future / OCC Hires SBC Attorney

Capital Alpha Partners: “Mnuchin’s job is in danger the same as any cabinet member under Trump...."


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