In a move that could further boost a mortgage segment that’s expected to grow, the Mortgage Industry Standards Maintenance Organization has put the SMART Doc V3 eHELOC Specification out for comment for a 30-day period through July 5. MISMO, a subsidiary of the Mortgage Bankers Association, is the development standards body for the mortgage industry, […]
MISMO puts eHELOC specs out for comment Read More »
Nonqualified mortgage performance over the past decade has varied broadly by segment while generating relatively few credit losses on average, a new Kroll Bond Rating Agency study shows Weighted averages show losses from a 3.8% cumulative default rate have been just 0.03%, but the CDR is far higher for a market segment like borrowers with
Low credit scores in non-QM verge on 10% default rate Read More »
Wall Street is cranking up the bond machine as US homeowners, finding that buying a new house is out of reach since mortgage rates started climbing in 2022, are instead getting home equity loans and sprucing up their current properties. Roughly $18 billion of bonds, backed by consumer loans on everything from second mortgages to
Home remodeling bond sales surge as Americans avoid moving Read More »
Nondepository origination of home equity products has been growing as traditional mortgage opportunities have waned, leading to increased reliance on secondary market buyers whose interest may vary over time. And while investors’ collective involvement has generally kept pace with increased production as lenders have originated more second liens, volatility in broader markets has led to
How the secondary market is shaping home equity strategies Read More »
Loandepot announced a new source of funding collateralized by certain cashflows from mortgage servicing rights that will allow it to redeem other similar financing due this October. The private offering of term notes secured by MSRs has an aggregate principal balance of $200 million and is somewhat similar to other financing vehicles other large nonbanks
How Loandepot managed some MSR financing maturing this year Read More »
The next 12-to-24 months will be a good time for the home equity lending market because of the conditions affecting the first lien business, experts say. With elevated mortgage rates, the amount of equity homeowners hold right now and the relative shortage of inventory “it’s a really lucrative environment for home equity, and has been
Home equity lending has strong two-year runway ahead Read More »
New York Mortgage Trust is staging a consent solicitation to support its latest move into what it considers the right mix and amount of less credit-sensitive assets and higher yielding ones. The company is asking for certain bond investors’ permission to exceed a maximum 8-to-1 debt-to-equity ratio it’s contractually obligated to ensure it meets on
NYMT seeks leeway on debt-to-equity ratio to fuel investment Read More »
Vontive, which is a fintech specializing in business purpose mortgages, has received an investment from Citi, which also acted as lead bookrunner on its first-ever securitization. The amount of the off-cycle investment was disclosed. It is the first new capital in the company since its 2022 Series B fundraise, said Vontive CEO Charles McKinney. The
Citi invests in business purpose lender Vontive Read More »
Two, the real estate investment trust that owns Roundpoint Mortgage Servicing, is anticipating legal expenses that some analysts say could lead to asset sales. The REIT expects a $198.9 million charge for May that includes a $139.8 million fee as a contingency liability and $60 million in related expenses due to the lawsuit with its
Two expects $198.9M charge from external manager lawsuit Read More »
Experts are weighing the future of mortgage rates and guarantee fees following the Trump administration’s strong yet mixed messaging on the future of Fannie Mae and Freddie Mac. President Trump in a Truth Social post Tuesday said he’s working on taking the government-sponsored enterprises public, stating they would retain their “implicit guarantees,” and that he
What Trump’s latest GSE comments could mean for mortgages Read More »
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