Some self-employed workers are missing out on mortgages because of harsh standards included in the Consumer Financial Protection Bureau’s ability-to-repay rule, according to analysts at the Housing Finance Policy Center. “The mortgage market is not adequately meeting the needs of self-employed households,” the analysts said. The HFPC noted that in 2016, about 8.5 percent of U.S. households were headed by a self-employed person and 3.4 percent were salaried but earned some ...
Issuers of non-agency mortgage-backed securities are adding more variety to the stop-advance features of the deals, leading to criticism from rating services. Industry analysts, though, said the move doesn’t necessarily create new risks. With non-agency MBS, master servicers have to advance the principal and interest due for delinquent loans. Historically, they had to make the payments if the advances were deemed recoverable, analysts at Deutsche Bank Securities noted ...
CORRECTION: The ranking published in the Dec. 14, 2018, issue of Inside NonconformingMarkets of Top Bank/Thrift First-Lien Residential Mortgage Portfolios for 3Q18 included some errors. An updated version of the ranking and story are available at www.insidemortgagefinance.com. Redwood Trust is preparing to issue a $349.6 million prime non-agency mortgage-backed security, according to presale reports published this week by ... [Includes four briefs]
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