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.
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.
One of the five draft bills proposed by the House Democrats this week seeks to establish a board that would be responsible for assigning rating services to provide grades on MBS and ABS.
After focusing on securitization of residential bridge loans, Toorak Capital Partners is preparing an MBS backed by investment-property loans with 30-year terms.
Based on activity over the past year, mortgage IPOs can sometimes underwhelm. Angel Oak’s was no exception but investors in the common shares are betting on non-QM lending taking off in the years ahead.
After months of sporadic issuance of MBS with newer non-QMs, five deals are in the market with fresh production. PIMCO is also selling off some older loans originated by Citadel Servicing.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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