pmuolo@imfpubs.com, dhollier@imfpubs.com
Servicing auction notices are coming at a steady clip these days. The latest: A $1.25 billion conventional bulk offering from Incenter Mortgage Advisors, Denver. The selling originator is described as a “well-capitalized independent mortgage banker with very experienced leadership originating through its predominantly retail channel.” The weighted average coupon is 2.96%, the average FICO 760. Bids are due later this week…
IMA, by the way, is the broker on a recent flow MSR offering that could net the buyer $30 billion-plus a year in product. (IMFnews reported on the auction last week.) Although the seller was not identified, we have been told the name of the firm and are waiting on additional confirmation…
According to the latest COVID-related tally from Black Knight, 2.72 million mortgagors were in forbearance as of Feb. 2, or 5.1% of outstanding residential loans. BK noted that “overall improvement continues to be limited.” Compared to the prior month, the relief reading fell by 1.5%.
GSE WATCH: The favorite game in Washington has always been predicting who will hold the reins of power, albeit behind the scenes. For mortgage industry pros, that means asking: Who gets the housing-finance portfolio at Treasury? That’s especially true after former Treasury Secretary Steven Mnuchin appeared to get the better of Federal Housing Finance Agency Director Mark Calabria in their last-minute renegotiation of the preferred stock purchase agreement. For much of his term, Mnuchin appeared to delegate the responsibility of housing finance to Counselor to the Secretary Craig Phillips. As for who the “new” Craig Phillips might be, see the new edition of Inside The GSEs, now available online.
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