Economic Factors & Fundamental Drivers Fed and ECB tightened 25 bps in September. Treasury issuance remained heavy. Inflation remained above target, with continued energy pressure. Real yields moved higher. The Treasury curve experienced a bear flattener midmonth, followed by a bear steepener late in the month.
Author Archives: Kelly Granillo
The Recapture Discussion Has Changed Recapture has been part of MSR economics for a long time. Buyers consider it when they price servicing, sellers see the impact in actual bids, and servicers spend considerable time and money trying to retain borrowers as loans pay off. The accounting treatment has not always been as clear. Existing […]
By Mike Carnes, Managing Director, MSR Valuations Group, with a GNMA Delinquency Update from Ian Richards, SVP, Borrower Analytics Group Interest Rates: The Conversation Is Changing Again For much of the past year, the rate conversation centered around when the Fed would cut and how quickly mortgage rates might follow. That conversation has changed again. […]
Issued in ET Pools $54.5B Issued in Last 18 Months $36.2B Issued Since May $10.3B Issuance Has Accelerated There has been an explosion in GNMA extended term (ET) pool issuance in recent months. Of the $54.5B ever issued in ET pools, $36.2B has been issued in the last 18 months, and $10.3B since May! The […]
Bid Deadline September 21, 2026 | 5:00 PM EST MIAC Analytics, as exclusive representative for the Seller, is pleased to offer for your review and consideration a $113.11 million Fannie Mae multifamily servicing rights portfolio. The portfolio is being offered by a national commercial real estate lender. Portfolio Highlights *Percentages below represented as % of […]
Bid Deadline August 27, 2026 | 3:00 PM EST MIAC Analytics is pleased to announce the offering of a $3.3 million Scratch and Dent whole loan portfolio from a nonbank originator. Portfolio Highlights Count 14 UPB $3,314,381 Avg Bal $236,742 Term 357 FICO 697 DTI 41.7 WAC 4.963% Orig LTV 72% Current LTV 51% Whole […]
By Mike Carnes, Managing Director, MSR Valuations Group Interest Rates and MSR Performance For much of the past year, the rate conversation centered around when the Fed would cut and how quickly rates might come down. That conversation has changed quite a bit. At its July meeting, the Fed left the federal funds rate unchanged […]
Bid Deadline August 26, 2026 | 5:00 PM EST MIAC Analytics, as exclusive representative for the Seller, is pleased to offer for review and consideration a $868.37 million Fannie Mae and Freddie Mac Agency MSR offering. The Seller will provide full representations and warranties for the loans included in the offering. Portfolio Highlights Percentages are represented […]
By Mike Carnes, Managing Director – MIAC MSR Valuations Group. GNMA delinquency analysis by Ian Richards, SVP, Borrower Analytics Group. Key Takeaways Lower WAC MSRs continue to command premium pricing due to limited refinance incentive. Higher WAC portfolios benefited from slower projected prepayments as rates moved higher. Recapture assumptions remain a major driver of pricing […]