Housing Wire

MAY 1, 2023

Less than two months after the abrupt failures of Silicon Valley Bank and Signature Bank , federal regulators seized First Republic Bank and sold it to JPMorgan Chase Bank. First Republic is the largest lender to collapse since the 2008 financial crisis and the second-largest bank failure in American history.

Banks

Housing Wire

AUGUST 15, 2024

Swiss bank UBS Group AG has decided to sell Credit Suisse ’s mortgage servicing company, Select Portfolio Servicing (SPS), to a group of investors led by Sixth Street , HousingWire has learned. Banks have reduced their exposure to mortgage servicing rights (MSRs) due to expected higher capital requirements and risks.

Investor

Housing Wire

MARCH 20, 2023

Many have already pointed to the failures of Silicon Valley Bank , Silvergate Bank , and Signature Bank as evidence that the Fed “finally broke something.” Allan Polunsky and Marty Green are principals at Polunsky Beitel Green, a Texas-based law firm. Independent mortgage companies have no such luxury.

Banks

Housing Wire

JULY 8, 2024

Roughly eight months after acquiring PacWest Bancorp in a rescue deal , Banc of California is selling roughly $2 billion in business-purpose residential mortgage loans, according to Bloomberg. The bank entered into an agreement to buy $1.8 billion of single-family residential loans at a discount.

Loans

Housing Wire

MARCH 15, 2024

Let’s face it: joint ventures (JVs) and affiliated business arrangements (ABAs) are all the rage in the residential real estate space right now. So why aren’t more commercial real estate (CRE) entities – investors , principals, banks, law firms or developers – seeking the same? And why not?

Commercial

Housing Wire

MARCH 6, 2024

Department of Treasury Secretary Steven Mnuchin’s private equity firm, Liberty Strategic Capital , will inject $1 billion in equity investment in struggling New York Community Bancorp (NYCB), one of the nation’s largest residential mortgage servicers. Targeting a 10% CET1 ratio, the bank cut its quarterly dividend from $0.17

Equity

Housing Wire

OCTOBER 19, 2022

Nations Direct Mortgage, a residential lender in both the retail and wholesale channels, on Wednesday announced appointing Jack O’Brien as its senior vice president and national sales director. O’Brien & Associates and VP, Eastern regional sales manager at National City Home Equity, among others. .

Sales

Housing Wire

JULY 28, 2023

The bank entered into an agreement to buy $1.8 billion of single-family residential loans at a discount, according to the outlet. Banc of California and PacWest announced on Tuesday an all-stock merger with a $400 million equity raise from Warburg Pincus and Centerbridge Partners to create a bank with $36 billion in assets.

Purchase and sale agreement

Housing Wire

MAY 5, 2022

billion note backed by a reference loan pool of 118,055 residential mortgages with an outstanding principal balance of $35.4 Morgan Chase Bank , 6.9%; and Wells Fargo , 4.8%. billion note offering issued against a reference loan pool of 190,774 residential mortgages with an outstanding principal balance of $33.6

Principal

Housing Wire

SEPTEMBER 10, 2022

This agency’s most recent credit risk transfer (CRT) offering, STACR 2022-DNA6, involves a $1.165 billion note backed by a reference loan pool of 112,865 residential mortgages with an outstanding principal balance of $35.6 Morgan Chase Bank , 6.5%; Rocket Mortgage , 6.4%; and Wells Fargo , 4.7%. billion for the $12.2

Principal

Housing Wire

MARCH 23, 2022

The new REMIC, Mill City Loan Holdings LLC , will serve as a mortgage conduit for funds managed by CarVal while also developing relationships with originators to acquire “residential mortgage assets across multiple strategies,” according to a CarVal statement announcing the launch of the REMIC, which will do business as Mill City Loans.

Bankruptcy

Housing Wire

APRIL 8, 2022

billion note backed by a reference loan pool of 140,950 residential mortgages with an outstanding principal balance of $42.9 Morgan Chase Bank , 5%; and Pennymac , 4.8%. billion note offering issued against a reference loan pool of 190,774 residential mortgages with an outstanding principal balance of $33.6

Principal

Housing Wire

JULY 20, 2023

Rumors this week that regulators would increase residential mortgage capital requirements for larger depositary banks, far exceeding international standards under the Basel III rules, have raised alarms for industry executives, analysts and trade groups. To understand the context, U.S.

Mortgages

Housing Wire

MARCH 22, 2023

The Federal Reserve ‘s decision to raise the federal funds rate by 25 basis points on Wednesday signaled that officials are still focused on bringing down inflation to 2% while monitoring how much recent bank failures slow lending in the economy and cool demand. Rates were lower at 6.45% on Wednesday on Mortgage News Daily. ​​In

Industrial

Housing Wire

SEPTEMBER 22, 2022

The new credit risk transfer (CRT) offering, STACR 2022-DNA7, outlined in a presale report by Kroll Bond Rating Agency , involves a $616 million note offering backed by a reference loan pool of 69,144 residential mortgages with an outstanding principal balance of $19.9 Morgan Chase Bank , 4.1%, according to the KBRA report.

Principal

Housing Wire

AUGUST 11, 2022

a real estate investment trust (REIT) based in Mill Valley California that has residential operations focused on nonagency jumbo loans, recently reported a second-quarter 2022 net loss of $100 million, after recording a net gain of $31 million in the prior quarter. Redwood Trust Inc. , Likewise, Atlanta-based A ngel Oak Mortgage Inc. ,

Mortgages

Housing Wire

AUGUST 26, 2024

trillion unpaid principal balance (UPB). We opportunistically took advantage of strong market conditions and monetized approximately $29 billion of unpaid principal balance of our mortgage servicing rights,” David Hayes, loanDepot’s chief financial officer, told analysts. The dynamic has led to a repositioning of players in the market.

Mortgages

Housing Wire

MAY 16, 2022

As banks and non-bank lenders recently released earnings for the first quarter of 2022, two things became clear: Origination volume plummeted across the board, but those that managed to muster up a good quarter benefited from servicing portfolios. million), nonbank mortgage lender and servicer New Residential Investment Corp. ($690

Principal

Housing Wire

FEBRUARY 2, 2023

“However, the company was able to report a profit in an extremely difficult operating environment for residential mortgage originators in addition to seasonally low purchase origination volumes in Q4.” Therefore, its results portend a challenging quarter for the non-bank mortgage sector,” Kornfeld said.

Marketing

Housing Wire

JUNE 3, 2022

Lakeview Trust 2022-EBO 2 involves a pool of 2,063 FHA-backed loans with an unpaid principal balance (UPB) of $405.2 Key to EBO offerings is the fact that the FHA guarantees 100% of the principal balance on the loans it insures. million, with all the loans deemed delinquent. In total, 99.3% are in active foreclosure. million to $13.2

Loans

Housing Wire

AUGUST 9, 2022

billion in assets, has a diverse portfolio of residential and commercial real estate assets. A closer look at WMC’s books, however, shows that as of June 30 its residential whole loan portfolio, nearly all of which is comprised of non-QM loans, was underwater by some $44 million. WMC, with some $2.8

Marketing

Housing Wire

SEPTEMBER 13, 2022

The increasing popularity of home-equity loans also is expected to help revitalize interest in aggregating HELOCS for residential mortgage-backed securities (RMBS) offerings, which have been nearly nonexistent since the 2008 global financial crisis, according to a recent HELOC-focused report by bond-rating firm DBRS Morningstar. .

Equity

Housing Wire

FEBRUARY 1, 2022

billion note offering backed by a reference pool of 149,393 residential mortgage loans valued at $44.3 Investors receive principal and interest payments on the CRT notes they purchase, but if credit losses exceed a predefined threshold per the security issued, then investors are responsible for absorbing the losses exceeding that mark.

Debt-to-income ratio

Housing Wire

FEBRUARY 16, 2022

About $180 billion in residential bulk MSR assets were brought to market just in the month of January, “and February will be another huge month as well,” according to Michael Carnes, managing director of the MSR valuation group for New York-based Mortgage Industry Advisory Corporation (MIAC). billion agency MSR portfolio and a 6.2%

Marketing

Housing Wire

SEPTEMBER 22, 2022

Following the Fed’s decision to raise interest rates by an additional 75 basis points on Wednesday, the central bank said it will hike rates as high as 4.6% The volume is slightly lower than in May when it hit a 14-year high of nearly 11% of the overall residential mortgage applications. Mortgage rates have nearly doubled to around 6.5%

Mortgages

Housing Wire

DECEMBER 13, 2024

Proposal and inspiration Unlike a typical Ginnie Mae security based on pools of insured or guaranteed residential mortgage loans, the Ginnie Mae [early buyout (EBO)] security would not be based on a modified pass-through structure, the MBA said in a white paper that outlined the proposal.

Bankruptcy

Housing Wire

DECEMBER 13, 2023

“The market progressively got worse around the start July of 2022 and then throughout the course of 2023, driven by the Federal Reserve raising rates and the lack of liquidity in the banking sector,” said John Toohig, head of whole-loan trading on the Raymond James whole-loan desk and president of Raymond James Mortgage Co.

Mortgages

Housing Wire

AUGUST 15, 2022

The Federal Reserve Bank of New York ’s second-quarter 2022 Household Debt and Credit Report shows that limits on HELOCs jumped by $18 billion in the second quarter of this year, “the first substantial increase in HELOC limits since 2011,” and an indicator of an increase in new originations. billion in 2021 to $4.6

Equity

Housing Wire

OCTOBER 18, 2022

The company relied on several warehouse lenders to obtain advances in order to originate residential mortgages, paying off these lines of credit after selling the loans in the secondary market. Representatives for FirstFunding and Sprout did not return requests for comments.

Loans

Housing Wire

MAY 3, 2022

New Residential Investment Corp.’ The MSR portfolio totaled $626 billion in unpaid principal balance in March, compared to $629 billion in December. According to Michael Nierenberg, CEO of New Residential, the company generated a 5% return to shareholders and grew its book value by 10% in the first quarter.

Residential

Housing Wire

JUNE 16, 2022

The Federal Reserve ’s 75 basis point interest rate hike – its largest since 1994 – proves the central bank is laser-focused on slowing inflation, but loan officers and housing economists don’t expect mortgage rates to come down until consumer prices fall. neighborhood, housing market, Fall, homes, new house sales, forbearance.

Marketing

Housing Wire

OCTOBER 24, 2022

And while depository banks that are fueling that growth, concern is mounting over Ginnie Mae MSRs held by nonbanks. Prestwick is marketing four separate deals, two in partnership with MCT, valued in total at $2 billion — which together also feature MSRs for single-family residential loan pools from all three agencies. The weak link?

Principal

Housing Wire

MAY 3, 2022

The residential real estate industry faces an interesting dynamic of rising mortgage rates while, at the same time, homeowners have record equity in their homes. Once approved for a HELOC, they can access the line of credit as needed, as opposed to having cash sitting in a savings bank from a refi.

Equity

Housing Wire

AUGUST 9, 2023

Large banks have historically been the rulers of the jumbo market. This is because surging mortgage rates , upcoming regulatory changes and regional bank collapses have forced large depositories to pull back. billion), Bank of America ($20.4 PNC Bank ($7.9 billion) and MUFG Union Bank ($5.8 billion), U.S.

Banks

Housing Wire

JUNE 1, 2022

The residential real estate industry faces an interesting dynamic of rising mortgage rates while, at the same time, homeowners have record equity in their homes. Once approved for a HELOC, they can access the line of credit as needed, as opposed to having cash sitting in a savings bank from a refi.

Equity

Housing Wire

NOVEMBER 17, 2022

The executive spoke during a panel at the 8th Annual Residential Mortgage Servicing Rights Forum, a conference held in Manhattan on November 14 and 15. According to Bosley, the top 20 or 25 issuers control most of Ginnie Mae’s servicing, and banks are already not excited about servicing these loans. .

Marketing

Housing Wire

FEBRUARY 3, 2022

Incenter completed a dozen bulk sales transactions in January involving MSRs for agency-backed loan pools that together had a total unpaid principal balance of $113.2 In fact, five of the deals involved MSRs pegged to loan pools that exceeded $10 billion in unpaid principal balance. million to $23.7

Purchase and sale agreement