On some recently issued expanded-credit MBS, servicing fees have been as low as 5 basis points. S&P and some other rating services review deals applying assumptions for higher servicing fees.

Fed reduces redemption cap for Treasury securities, allows agency MBS runoff to proceed; Annaly to issue securitization with HELOCs; non-agency MBS term financing transaction from PIMCO.

Santander Bank was the largest issuer of vehicle ABS in 2024. The bank’s non-agency MBS effort has the ability to commit $2.5 billion in capital.

The MBS is stocked with investment-property mortgages eligible for sale to the GSEs. Bayview Asset Management last issued a non-agency MBS on its Oceanview shelf in October 2022.

DOJ sees no issues for MBS, ABS from new rule restricting foreign access to Americans’ personal data; Momnt Technologies 2023 ABS issuance facing performance issues; Redwood rebrands prime residential mortgage aggregation unit to match MBS shelf.

Growth in securitizations of home equity loans slowed in the third quarter from an exponential pace earlier in the year. Still, issuance was up, with Rocket leading the way. (Includes two data tables.)

ABS receive no-action relief on Rule 15c2-11 reporting; Ellington Management Group to securitize closed-end second liens.

October was the busiest month of the year for non-agency MBS issuance. Activity has been limited thus far in November, though there are plenty of deals in the pipeline.

Hodgepodge of non-agency MBS; new commercial MBS tied to Rockefeller Center; limit-order option for lenders looking to sell into TBA MBS; Moody’s downgrades MBS issued by IndyMac in 1997.

Non-agency MBS issuers typically ensure properties in the deal are damage free. That standard can be difficult to achieve if a hurricane strikes while the deal is still in the works.