July pushed year-to-date issuance to a stunning $1.512 trillion. The market is on track to top $2.5 trillion by the time 2020 is over, which would smash the current annual record of $2.130 trillion set in 2003.

PennyMac posted a record profit in the second quarter and went on a hiring spree to support its origination and servicing activities.

A big problem: For one non-QM MBS, dv01 identified 233 loans that are actively modified while the trustee reported only 41 and the master servicer reported 74.

The deal received preliminary AAA ratings from Moody’s Investors Service and S&P Global Ratings, with credit enhancement of 13.75% on the senior tranche.

While the refinance market continued to go bonkers, agency securitization of purchase loans showed a bigger relative gain from June.

In a statement, MBA Chief Economist Mike Fratantoni said, “The job market has cooled somewhat over the past few weeks, with layoffs increasing and other indications that the economic rebound may be losing some steam because of the rising COVID-19 cases throughout the country. It is therefore not surprising to see this situation first impact the Ginnie Mae segment of the market.”

Fun fact: Among the nation’s top 20 residential servicers in 2Q20, just six were depositories...

An MBS that yields 1.5%? Hard to fathom.

The lower readings might suggest a lack of interest in FHA/VA lending but that’s hardly the case given the continued strong production numbers…

Given the widespread shuttering of consumer-focused businesses due to the coronavirus, it’s no surprise that securitization of loans on retail properties plummeted 90.1% to just $275.0 million.