Securitization

The development of a replacement index for the London interbank offered rate brought back memories for one secondary market participant of the technology disaster worries many had at the turn of the century.

Prepayments tied to repeated VA loan refinancing activity have had an adverse effect on Ginnie’s mortgage securities that persists despite countermeasures. The government bond issuer is making new plans to address the impact.

The $161.5 million transaction backed by leasehold interests in the Jimmy Buffett-themed luxury hotel will include a $49.3M cash-out payment to the Denver-based PE firm.

With prospects for government-sponsored enterprise reform improving, players in the private residential mortgage-backed securities market are starting to think about how they could better compete against the GSEs while awaiting change.

The shift to nonbank lenders will put the breaks on non-qualified mortgage and home equity line of credit origination growth.

PIMCO Mortgage Income Trust tabled plans to launch an initial public offering this week following a steep stock market decline Monday.

After issuing five RMBS deals of prime jumbo loans in 2019, JPMorgan has gathered a pool of 919 investor-only properties for its next mortgage securitization.

Issuance of mortgage-backed securities increased and came close to matching 2018 levels in the latest month tracked by Ginnie Mae.

While prepayment speeds on agency mortgage-backed securities rose in April, that increase should be short-lived as further significant interest drops are not expected, said a report from Keefe, Bruyette & Woods.

The Government Accountability Office called on Ginnie Mae to undertake four reforms to its operations, citing concerns regarding the ongoing shift in size and capitalization of mortgage-backed securities issuers.

Payoffs of maturing office loans in securitizations may be delayed more often in the next few years if increasing inventory constrains occupancy and rent growth, according to Morningstar.

Investors can now exchange certain existing Freddie Mac bonds for to-be-announced uniform mortgage-backed securities in preparation for the full launch of UMBS next month.

Live Well Financial, a reverse and traditional mortgage lender that abruptly stopped originating on May 3, will lay off 103 employees, according to a Virginia Employment Commission filing.

Securitized loans originated outside the Qualified-Mortgage rule's parameters have looser underwriting guidelines than mainstream loans do today, but are more tightly underwritten than past subprime or alternative-A products, according to DBRS.

Private-label mortgage securitizations with variable servicing fee arrangements could become more common going forward as issuers look to increase investor cash flow while reducing the loan servicer's economic exposure, Fitch said.

Alarmed about continued high nonmarket-based prepayment rates, Ginnie Mae is requesting input from lenders on how to make the mortgage-backed securities it guarantees fairer to investors without hurting borrowers.

With nearly $90 million added in the past two months, Goldman Sachs marched closer to its $1.8 billion consumer-relief mortgage settlement with the U.S. Department of Justice.

BX Trust 2019-IMC is a cash-out refinancing for an existing mortgage secured by 16 showrooms used exclusively for the home furniture and decor industry.

Commercial mortgages placed into special servicing grew last year, but default and foreclosure dollar volume fell as legacy loan resolutions outpaced newly distressed loans, according to Fitch Ratings.

A renovated office complex in Florida and a recently built Great Wolf Lodge resort in Orange County make up two of the largest loans in Wells Fargo's latest conduit.