Continued growth in the refinance market pushed new agency MBS issuance slightly higher in October, offsetting further softening in the purchase-mortgage business. (Includes two data charts.)
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The issue of fast prepays on VA IRRRLs refuses to die. Recently, VA mailed a warning letter to as many as 500 lenders. Inside MBS & ABS obtained a copy of the correspondence.
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Noting that not a single SEC-registered non-agency MBS has been issued since disclosure requirements were tightened in 2014, the regulator is planning to revisit the standards.
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Arbor Realty Trust plans to issue non-agency commercial MBS stocked with multifamily loans that are eligible for sale to the GSEs, expecting better execution for the loans.
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In a bid to ensure the GSEs maintain oversight of UMBS prepayment speeds and alignment, the FHFA is seeking feedback on all policies that might affect fungibility and the viability of the TBA market.
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MBS and MSR investor New Residential signaled that it might engage in a large stock buyback program, but so far there’s been no activity. It’s possible political considerations might be a factor.
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