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Secondary markets

Invesco REIT takes loss as Iran volatility hits agency MBS

Capital markets, Earnings, Secondary markets /

Invesco Mortgage Capital recorded a loss under generally accepted accounting principles during the first quarter, when it reported that Iran War volatility weakened agency residential mortgage-backed securities performance. Processing Content The real-estate investment trust reported a net loss attributable to common shareholders of $23.1 million, underperforming consensus estimates for a positive $1.26 million earlier in […]

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Castlelake, Redwood form $8B jumbo mortgage venture

Capital markets, Industry News, Jumbo mortgages, M&A, Originations, Secondary markets /

Castlelake is forming a joint venture with Redwood Trust to purchase up to $8 billion of prime jumbo mortgage loans. Processing Content The partnership was designed to support the growth of Redwood’s Sequoia platform and give Castlelake, an investment firm specializing in asset-based private credit, programmatic purchasing power for the fully documented loans. Sequoia will

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Freddie Mac earnings surge on net interest income, credit release

Earnings, Freddie Mac, Mortgages, Secondary markets /

Portfolio growth, a release of credit reserves and strong refinancing activity drove Freddie Mac’s first-quarter earnings up 27% from a year earlier. Processing Content Freddie earned $3.6 billion on a net basis, up from $2.8 billion the previous quarter and a year earlier. It acquired $43 billion in single-family refinances and $60 in purchase loans

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Lenders test new Fannie Mae, Freddie Mac, FHA scores

Lenders test new Fannie Mae, Freddie Mac, FHA scores

Credit, Credit scores, Mortgages, Secondary markets /

Lenders are drawing up new game plans, or preparing to, now that Fannie Mae, Freddie Mac and the Housing and Urban Development have committed to adding modernized credit scores as alternatives to Classic FICO. Processing Content NewRez, a division of Rithm Capital, completed a test sale of $10 million in loans to Freddie Mac using

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Two Harbors turns GAAP profit amid CrossCountry bid

Earnings, M&A, Secondary markets, UWM /

While Two Harbors Investment returned to profitability in the first quarter on a GAAP basis, the real estate investment trust reported a loss using a non-GAAP metric, comprehensive income. Processing Content Shares of Two Harbors rose 55 cents to $11.56 in the first 10 minutes of Wednesday trading, after CrossCountry raised its acquisition offer to

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Fannie Mae single-family loan acquisitions reach 3-year high

Earnings, Fannie Mae, Secondary markets /

Fannie Mae reported a stronger profit in the first quarter as the company continues to get leaner. Processing Content The government-sponsored enterprise recorded $3.7 billion in net income during the period, a 5% quarterly increase and on par with its winter result a year ago. Executives cited a shift from fair value losses to gains,

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Bank groups eye changes to Fed’s relaxed capital plans

Basel, Capital markets, Secondary markets /

Bank groups said that although the Federal Reserve’s eased capital plans are a major improvement over previous versions, the recent proposals still need changes to help avoid risk assessments they say may hinder banks’ ability to boost lending.  Processing Content Heads of the Washington-based Bank Policy Institute and the Mortgage Bankers Association, among others, testified

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Ginnie Mae pauses delinquency rules amid FHA waterfall shift

Ginnie Mae pauses delinquency rules amid FHA waterfall shift

Capital markets, Distressed, Regulation and compliance, Secondary markets, Servicing /

Government mortgage-backed securities guarantor Ginnie Mae announced that it’s changing how it will be tracking delinquencies in monthly issuer reporting to account for impacts from a rule update. Processing Content To address the uptick in a large number of older loans entering trial payment plans as a result of the Federal Housing Administration’s adjustment to

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MBA renews press for limited single report as scores compete

MBA renews press for limited single report as scores compete

Credit, Secondary markets, Servicing, Underwriting /

Now that there are formal government-sponsored enterprise guidelines for score modernization that help fulfill a legislative mandate, the Mortgage Bankers Association’s top executive has a plan he calls a safe way for the secondary market to make the purchase of credit reports more competitive too. Processing Content With the two large mortgage buyers starting to

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