Secondary

While first-quarter profits were up considerably, CEO Michael Nierenberg said the company will offer more products to counter market conditions that are “only going to get worse.”

The transaction is expected to keep revenues flat at the company at a time when mortgage origination volume is shrinking.

Fair value increases on existing business and an accounting change made for troubled debt restructurings likely explain why its results contrasted those of competitor Freddie Mac.

Together, the deals OBX programs will issue about $850.5 million in prime jumbo and non-prime RMBS paper, and are expected to close on May 10.

While the government-sponsored enterprise’s single-family mortgages are still not performing as well as they did before the pandemic, the most recent vintages are getting there.

While the lender-servicer reported robust Q1 earnings, it is anticipating lower future revenue due to the tight originations environment.

Almost the entire deal will issue notes through a senior-subordinate capital structure repaying principal sequentially, instead of on a modified sequence.

Improved loan performance, a credit reserve release, higher g-fees and reduced portfolio runoff helped to offset declining single-family loan purchases.

With ADFITECH as a held company now, Mortgage Connect says it is well equipped to be a linear provider of credit, compliance and servicing review services.

Some Fannie Mae and Freddie Mac packages are attracting offers in the mid-5 times range, MIAC Analytics said.