Secondary markets

Condominiums have long been a staple for anyone seeking a slice of Florida real estate on a budget, but safety legislation that passed earlier this year in the wake of the deadly Surfside building collapse could plunge the condo market into turmoil.

The company's recently purchased subsidiary, Blue Water Financial, will provide tools for asset pricing, transfer, due diligence and other tasks to ease secondary market trading functions.

Fannie Mae also reportedly took assets from its small senior loan program that were part of RMF's book of business.

But at least one trade group said the Federal Housing Finance Agency needs to be careful to avoid restraining innovation and new product development.

Loans with payments late by a year or more were the biggest sub-category within the distressed portfolios a year ago, but now mortgages that've been late for 30-59 days are.

The final rule also orders the government-sponsored enterprises to give advance notice of new activities to determine if they are subject to these procedures.

The additions in 2022 put it in the ranks of the top 25 players in the business, according to the company.

Raising the threshold for qualification for Home Ready and Home Possible, which additionally offer price breaks to lenders, could do more to make homeownership more equitable, the Mortgage Bankers Association wrote in a letter to the Federal Housing Finance Agency.

In a report to Congress, the agency recommended sharing information with the Consumer Financial Protection Bureau, which also is looking more closely at servicemember mortgages.

Lenders added jumbo and adjustable rate mortgage products during November, both of which have had lower interest rates than conforming loans, the Mortgage Bankers Association said.

The products are currently limited to a single distribution channel, but the company hasn't ruled out offering them through third-party originators in the future.

Deterioration in credit quality should put strain on collateral originated in late 2021 and early 2022, affecting performance, Barclays Credit Research said.

Higher inflation and mortgage rates led to the increased likelihood that conforming loans originated in the three months ended Sept. 30 would go 180 or more days delinquent, Milliman found.

The company is in the final stages of its exit from this part of the MSR market.

The pushback the government insurer faced over the revised standards led it to delay deadline for implementation by a full year, to December 31, 2024

These types of transactions largely disappeared from the market for years after the Great Recession.

Measures related to how interchangeable their mortgage-backed securities are have drawn more focus since July when the Federal Housing Finance Agency added a fee that some fear could upset the balance.

The deal creates a secondary market and securitization outlet for the Ohio-based lender, which reportedly is the buyer of Angel Oak Home Loans.

Prime mortgage activity fell notably while nonprime deals and government-sponsored enterprise credit risk transfers increased in 2022, according to Kroll Bond Rating Agency.

The increased limit on the size of the mortgages the government-sponsored enterprises will be able to buy reflects the year-over-year change in home prices.