Nearly two years after facing difficulty selling a jumbo mortgage-backed security, Shellpoint Partners is preparing to issue a new deal. The $269.29 million Shellpoint Co-Originator Trust 2015-1 is set to receive AAA ratings with credit enhancement of 8.30 percent on the senior tranche, according to a presale report from DBRS. The deal includes originations from Shellpoint’s New Penn Financial along with contributions from 30 other lenders. Shellpoint issued its first jumbo MBS ...

Ocwen Financial looks to be close to completing its downsizing through servicing sales that will leave its non-agency mortgage portfolio mostly intact. The nonbank is also working toward being able to acquire servicing again and has plans to boost originations. Ocwen handled servicing on $154.79 billion in non-agency mortgages as of the end of the second quarter of 2015, including subservicing. The unpaid principal balance of non-agency mortgages ...

Fitch Ratings updated its criteria for estimating losses on mortgages in non-agency mortgage-backed securities this week. The main change for jumbo MBS involves the treatment of retail originations by lenders that have not been reviewed by Fitch. Previously, retail originations from such lenders would not receive positive consideration in the calculation for the probability of default. The rating service will now apply the retail benefit to ... [Includes three briefs]

Over the past few weeks, an unconfirmed rumor was making the rounds that Bank of America would once again begin securitizing newly originated mortgages through Fannie Mae. But a quick check with both parties indicates that the “cold war” between the two isn’t likely to thaw anytime soon. Terry Francisco, a spokesman for BofA said the bank is only selling Home Affordable Refinance Program loans to Fannie. The bank, he noted, discontinued securitizing newly originated non-HARP loans through the government-sponsored enterprise in 2012. According to figures compiled by Inside MBS & ABS, over the past three years almost all of the non-refinance activity between the two has centered...

A rebound in multifamily MBS issuance by Fannie Mae, Freddie Mac and Ginnie Mae pushed total securitization of commercial mortgages up slightly in the second quarter of 2015. A total of $53.96 billion of income-property mortgages were securitized in the second quarter, according to a new Inside MBS & ABS market analysis. That was up a scant 0.6 percent from the first quarter of 2015. All of the gain came...

Angel Oak Home Loans is still contemplating issuing a security backed by non-agency, non-prime mortgages, but the company’s original self-imposed deadline of July is not going to happen, according to officials familiar with the Atlanta-based originator. As reported by Inside MBS & ABS last month, Angel Oak had been shopping around a roughly $100 million package of nonprime whole loans to several investors. It’s unclear whether any of the portfolio traded. The fact that the lender had been trying...

Market factors are more favorably disposed toward non-agency MBS in the second half of the year than for agency bonds, according to a mid-year review and outlook from Deutsche Bank. “For the second half of 2015, we are cautiously optimistic for the non-agency MBS market, given the favorable fundamentals and technicals,” said Deutsche Bank analysts, who expect home price appreciation and servicer practices to continue to be the two biggest drivers of the MBS credit. On the technical front, the most important factor that affected legacy RMBS is...

Freddie Mac priced a risk-sharing transaction this week that’s structured much like a non-agency jumbo mortgage-backed security that has the advantage of the government-sponsored enterprise’s guaranty and oversight of servicing practices. Freddie Mac Whole Loan Securities Trust, Series 2015 SC01, will include $278 million in senior certificates guaranteed by Freddie and approximately $23 million in unguaranteed subordinate certificates. The deal is backed by ...

Two nonbanks, led by New Penn Financial, were able to outpace First Republic Bank in contributing to jumbo mortgage-backed securities issued in the second quarter of 2015, according to a ranking and analysis by Inside Nonconforming Markets. New Penn was identified as contributing $145.80 million to the $3.11 billion in jumbo MBS issued during the second quarter. Quicken Loans followed with $139.43 million in contributions. First Republic Bank ... [Includes two data charts]

Investors interested in the jumbo mortgage-backed security from JPMorgan Chase that’s set to be issued next week received new disclosures with sometimes confusing information thanks to a rule from the Securities and Exchange Commission. JPMorgan Mortgage Trust 2015-4 will have a balance of $388.34 million, according to presale reports published last week by Kroll Bond Rating Agency and Moody’s Investors Service. A week before the presale reports ...