RMBS issuance should continue to slide in 2024, S&P says
High interest rates and constrained inventory will take its toll on originations and securitization activity in 2024, the rating agency commented.
Private-label
HELOC, nonagency securitization could grow long term, leaders say
Though home mortgage issuance has slumped in line with originations, new potential bank capital rules and increased consumer debt consolidation could boost activity for these two subsets in the secondary market.
Interfirst launches product targeting private non-owner-occupied loans
“One” is the first in a series of non-agency mortgages the wholesaler plans to introduce this year.
Share of impaired non-QM loans fell to pandemic low in December
However, the share of new impairments increased, likely as a result of the high concentration of these loans given to self-employed borrowers.
Prime jumbo mortgage lending by nonbanks set to grow in 2021
Upcoming changes to underwriting regulations, as well as the end of the QM patch, in addition to growing home values, all add up for this market to have a good year.
Caliber kicks off 2021 with $153.7M nonprime RMBS deal
The transaction features a pool of non-qualified mortgages with a higher-than-average delinquency rate driven by COVID-19 relief plans.
By
Glen Fest
Wells Fargo explores selling private-label card unit
Wells Fargo is exploring selling a unit offering store-branded credit cards as the bank chooses businesses to keep or break off in a broad strategic overhaul, according to people with knowledge of the matter.
Citigroup’s private-label RMBS: Structuring for the new normal
As COVID-19 infections increase across the country, including in California, Citigroup has structured a residential mortgage-backed securities offering fit for the times, providing investors with a strong deal structure and robust collateral.
By
John Hintze
Western Asset’s high-quality private label presents forbearance risk
On the heels of its first CLO transaction this year, Western Asset Management is back in the market with a $355.72 million private-label RMBS offering in which a tenth of the borrowers have been granted forbearance.
By
John Hintze
Vista Point enters RMBS market with a private-label deal
Vista Point Mortgage is aggregating a collection of mostly non-conforming mortgages that it acquired from several originators.
By
John Hintze
Report: Non-QM borrowers are weathering COVID-19 stresses
An early look at securitized residential home-loan performance amid the coronavirus pandemic indicates encouraging trends thus far in impairment levels of non-qualified mortgages, according to a new report from investor analytics firm Dv01.
By
Glen Fest
Ocwen gives liquidity update on potential servicing advances
Ocwen Financial has approximately $749 million of liquidity from various sources to deal with servicing issues arising from the coronavirus, a company press release said.
Neuberger Berman, PIMCO add $752M to non-QM RMBS pipeline
The two deals continue a late-year surge of private-label RMBS deal volume totaling $8.37 billion priced since Oct. 1.
By
Glen Fest
Risky mortgage bonds are back and delinquencies are piling up
Lenders have bundled more than $18 billion worth of non-QM, private-label loans into bonds this year that they then sold to investors, a 44% increase from 2018 and the most for any year since the securities became common post-crisis.
Private capital seeks to step up its game as GSE reform gains momentum
With prospects for government-sponsored enterprise reform improving, players in the private residential mortgage-backed securities market are starting to think about how they could better compete against the GSEs while awaiting change.
Variable private-label RMBS servicing fees balance interests: Fitch
Private-label mortgage securitizations with variable servicing fee arrangements could become more common going forward as issuers look to increase investor cash flow while reducing the loan servicer's economic exposure, Fitch said.
Record issuance of non-QM securities in the first quarter
Non-qualified mortgage-backed securities record issuance in the first quarter puts it on pace to top full-year volume predictions, according to Keefe, Bruyette & Woods.
How a liquidity crunch will shape the secondary mortgage market in 2019
Liquidity, products and pricing are the main concerns for the secondary mortgage market in 2019.
Private-label RMBS on track to surge again in 2019: Bank of America
Although forecasts anticipate a continuing drop in overall originations, private-label residential mortgage-backed securitizations backed by newer loans are expected to keep increasing through next year, according to Bank of America.
Debate over stop-loss advancing in RMBS spills out into open
Rating agencies are sparring over a new feature in a private-label RMBS that upends the relationship between senior and sub bondholders.
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