Issuers are still stocking non-agency MBS with GSE-eligible mortgages for investment properties. Lenders and issuers are considering their options following a suspension of limitations placed on the GSEs.
The definitions used by non-agency MBS lenders and issuers aren’t consistent and many terms haven’t been updated since 2009. The MISMO and the SFA are separately working on setting new standards.
President Biden plans to nominate Alanna McCargo to be the next president of Ginnie Mae; Credit Suisse’s warehouse lending securitization involving non-QMs upsized.
Thanks to restrictions placed on the GSEs, investment-property mortgages are flowing into non-agency MBS. Some lenders are issuing deals on their own while others are turning to aggregators like Credit Suisse.
With new restrictions on GSE sales, lenders are increasingly turning to the non-agency MBS market to sell mortgages for investment properties. Issuers include new and established participants.
Big increases in large-loan CMBS and single-asset/single-borrower transactions helped pump non-agency volume to $37 billion in the second quarter, the highest since the end of 2019. (Includes two data charts.)
Mortgage securitizations from Freedom Mortgage and New Residential Investment are backed by servicing fees, while Rapid Financial Services is peddling its first small-business ABS since 2018.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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