LoanDepot hit with Ginnie Mae sanctions over VA mortgage compliance
Ginnie Mae has restricted loanDepot's ability to securitize Veterans Affairs mortgages because of apparent churning of recent originations.
Refinance
Angel Oak sets non-QM securitization record since housing crisis
As 30-year fixed-rate mortgages rose 30 basis points year-over-year, non-QM originations are estimated to grow 400% in 2019.
Muted Fed hikes should stabilize housing market in 2019: Fannie Mae
Slower growth to interest rates and home prices will boost housing affordability in 2019, according to Fannie Mae.
More MDs, fewer residents in SoFi’s next student loan securitization
Physicians account for 28.8% of borrowers in the collateral pool, up from 22% for SoFi's previous student loan securitization, according to Moody's Investors Service. Notably, fewer of these, 4.2% versus 7.8%, are in residency programs.
By
Glen Fest
Dropping mortgage rates near levels that could lead to more refis
Falling mortgage rates have reached the point where they are spurring speculation about a possible resurgence in refinancing.
Slowing down VA refi churn proving more difficult than expected
Ginnie Mae officials are concerned about unusual activity with Department of Veterans Affairs cash-out refinances and are investigating the causes, as well as whether predatory lenders are taking advantage of veterans.
Former SoFi CEO’s startup unveils digital home equity loans
Mike Cagney’s current venture, Figure Technologies, is offering consumers the ability to apply online for home equity loans and get funding in as little as five days.
Starwood tapping CMBS to refinance 5 aging regional shopping malls
All five – Plaza West Covina Mall (Calif.), Franklin Park Mall (Ohio), Parkway Plaza (Calif.), Capital Mall (Wash.), and Great Northern Mall (Ohio) – were built in the 1970s and have JCPenney or Sears as a major tenant.
Fannie Mae testing mortgages refinanced using Airbnb income
Quicken Loans, Citizens Bank and Better Mortgage are refinancing loans using Airbnb income as part of a pilot project with Fannie Mae.
Invitation Homes refinancing 2 more single-family rental securitizations
The Blackstone affiliate is cashing out over $200 million of home price appreciation in the process, resulting in a loan-to-value ratio that is unchanged from the original Colony American Homes transactions.
Palmer Square refinancing 2014 vintage CLO for the second time
The first refinancing, in January, was primarily intended to extend the life of the post-reinvestment period deal; this time, the manager is also lowering the interest paid.
By
Glen Fest
U.S. cracks down on firms making predatory mortgages to veterans
The U.S. is taking steps to stamp out the practice of servicemembers and veterans being pressured into taking mortgages they don't need, a move that officials say will lower consumer costs and could lead to financial penalties for lenders.
Blackstone refinancing pair of luxury hotels in CMBS market
The private equity firm obtained a $540 million loan on the JW Marriott Grande Lakes and the Ritz-Carlton Grande Lakes, which are situated on 500 acres at the headwaters of the Everglades, from Barclays and Wells Fargo.
Invitation Homes refinancing pair of 2014 single-family rental deals
A large portion of the collateral for both IH 2014-SFR2 and IH 2014-SFR3 is being rolled into a new securitization, IH 2017-SFR2.
Refi gambit draws flak at student loan servicer Navient
Navient has suspended stock buybacks to buy and expand a debt-refinancing firm that faces stiff competition from fintechs, and some shareholders aren’t happy.
Replacing HARP creates wrinkle in Fannie, Freddie risk-sharing deals
Fannie Mae and Freddie Mac will adjust their risk-sharing deals so that they can accommodate high loan-to-value loans refinanced under the programs replacing the Home Affordable Refinance Program.
Boom in leveraged loan refis hitting CLOs hard
CLO managers who accept lower interest payments on loans risk running afoul of deal covenants; but if they take their money back, there are few attractive options for putting it back to work
By
Glen Fest
