The new licensing requirement represents a major shift for the MBS market, with participants scrambling to either comply or avoid loans in the state. A challenge to the requirements appears likely.

Initial projections suggest MBS backed by collateral in areas affected by the California wildfires will largely be unscathed.

Stifel is telling its clients to reallocate into MBS from corporates. Meanwhile, MBS trades slipped in December but posted a strong year.

The new PM Max program provides outsourcing services for MBS and ABS portfolios.

Many analysts are projecting increases for issuance of MBS and ABS in 2025. Delinquencies are also expected to rise, though not to troublesome levels.

The MBA noted that buyouts are capital intensive and can create liquidity stress for nonbanks, which don’t have large balance sheets to hold nonperforming loans for an extended period.

The Mortgage Bankers Association called on Ginnie Mae to create a new securitization program for early-buyout loans.

JPMorgan Chase started marketing a variety of non-agency MBS over the past two weeks, including its first deal stocked with non-QMs for primary residences.

Servicing outstanding on 1-4 family mortgages increased by an estimated 0.8% during the third quarter. Ginnie servicing grew at more than twice that pace, fueled by refinance originations. (Includes two data tables.)

Among the top 20 Ginnie issuers in November there were just two federally insured depositories: U.S. Bank and Navy Federal.