news

G-Fee Parity Helps Small Mortgage Lenders Gain GSE Market Share

By Brian Collins

The narrowing gap between what large and small lenders pay in guarantee fees to Fannie Mae and Freddie Mac has helped the industry's smallest originators grow their share of mortgages sold to the government-sponsored enterprises.


Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Structured Finance News can deliver.
  • Asset Securitization Report one-month trial subscription
  • StructuredFinanceNews.com one-month trial subscription
  • Free e-newsletters
  • Free whitepapers

Latest News

Deutsche, Jefferies, UBS Price $1.35B CMBS Conduit

– The conduit deal is collateralized by 80 loans that are secured by 147 commercial real estate properties worth approximately $1.46 billion. The loans are underwritten by Natixis Real Estate and Drexel Hamilton.

Sunrun Prices its 1st Solar Deal Wide of SolarCity

– The $100 million senior tranche of class A notes are rated single-A by Kroll Bond Rating Agency and pay 4.4% a year; an $11 million subordinate tranche of class B notes are rated pay 5.38%.

Wells Fargo Prices $915M CMBS Conduit

– The largest loan in the pool totals $90 million and is secured by Patriots Park. This loan comprises 9.8% of the entire pool and is fully leased by the U.S. government’s General Services Administration, according to Kroll,

California Republic Closes $390M Prime Auto Deal

– The bank expects to do progressively larger auto loan securitizations in the third and fourth quarter; it has issued over $2.5 billion to date.

More

Featured Articles

CFPB Seeks Consent Orders with 3 Large Auto Lenders

– Three of the nation's largest indirect auto lenders are poised to limit discretionary pricing for dealers after regulators accused them of allowing partners to mark up loans at higher rates to minorities, according to confidential documents.

How Solar Securitization is Clearing the Tax Hurdle

– Tax credits complicate the solar industry’s ability to attract capital markets investors. Here’s what’s being done about it.

Real Progress, But Still a Ways to Go in RMBS

– The head of Fitch Ratings’ RMBS group advocates for creating the role of a ‘transaction manager,’ which he says could help investors be more comfortable with expanding credit.

Hopes of Killing 'Disparate Impact' Legal Theory End with Thud

– Despite some silver lining, analysts say the Supreme Court decision upholding "disparate impact" in fair-lending disputes will only embolden activists and regulators to bring more cases.

How REITs are Getting Federal Home Loan Bank Funding

– Several real estate investment trusts have joined Federal Home Loan Banks via their captive insurers; membership gives them a cheap and flexible way to warehouse mortgages, among other things.

In Auto Lending, CFPB Hits Speed Bumps

– The powerful Consumer Financial Protection Bureau is helping to reshape mortgage and payday lending, but its attempts to curb abuses in auto lending have been largely stymied by the clout of car dealers and the fragmented nature of auto finance.

Peripheral European Issuers Ready to Dive Back In to RMBS

– Funding is still expensive compared with U.K. and Dutch deals, but two non-bank issuers, Dilosk and UCI, are both pleased with the execution of their recent deals.

Big Defeat for Underwater Homeowners with 2nd Mortgages

– Bank of America scored a legal victory this week for all holders of second liens when the Supreme Court ruled that bankruptcy courts cannot void a second mortgage because it exceeds the value of the home.

First All-Commercial Solar Deal Nears Launch

– The first deal in the U.S. backed entirely by commercial solar assets could come as early as Q3. Boutique shop T-Rex is structuring two securitizations in this nascent asset class.

Slippery Language Confuses the Auto Lending Risk Debate

– At a time when regulators, prosecutors and the media have stepped up their scrutiny of subprime auto lending, some in the industry have changed their definitions of key terms in ways that downplay the risks involved.

Over Enrolled: How Sallie Mae Manages Growth in its Balance Sheet

– To avoid either running afoul of the FDIC or potentially ceding market share, the bank has to get some of the loans that it makes off its books, either via whole loan sales or securitization

How to Bring the Student Loan Default Rate Back to Earth

– Student loan borrowers are in serious need of better communication with loan servicers and clearer information about their servicing options, regulators were told last week.

More

SFN People Database

Exclusive data on top players in capital markets

Andrew Bellis

Managing Director

Firm: 3i Debt Management

In the news: European CLO Managers' Lament: No Market for Sterling Tranches

Search the People Database

Current Issue

Over Enrolled: How Sallie Mae Manages Growth in its Balance Sheet

To avoid either running afoul of the FDIC or potentially ceding market share, the bank has to get some of the loans that it makes off its books, either via whole loan sales or securitization

Current Issue