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 […]
Category Archives: MIAC Publications
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 […]
MIAC’s Whole Loan Pricing Report – November 2025 provides insight into agency pricing trends, Treasury yield shifts, and liquidity conditions across whole loan markets. Market Commentary Agency pricing improved in November. Pricing on the UMBS 5.0 was 99.55 to end October and rose to 99.79 at month end, a +0.241% change in price. The 10 […]
MIAC’s Whole Loan Pricing Report – October 2025 provides insight into agency pricing trends, Treasury yield shifts, and liquidity conditions across whole loan markets. Market Commentary Agency pricing improved in October. Pricing on the UMBS 5.0 was 99.14 to end September and rose to 99.55 at month end, a +0.414% change in price. The 10 […]
MIAC’s Whole Loan Pricing Report – September–October 2025 provides insight into agency pricing trends, Treasury yield shifts, and liquidity conditions across whole loan markets. Market Commentary Agency pricing improved in September. Pricing on the UMBS 5.5 was 100.58 to end August and rose to 100.81 at month end, a +0.229% change in price. The 10 […]
MIAC’s Whole Loan Trading Desk reviews agency pricing trends, Treasury yield movements, and liquidity conditions across whole loan asset classes and provides an overview of key market insights. Market Commentary Agency pricing worsened in July. Pricing on the UMBS 5.5 was 100.07 to start the month and fell to 99.41 at month end, a -0.660% […]
MIAC’s Whole Loan Trading Desk reviews agency pricing trends, Treasury yield movements, and liquidity conditions across whole loan asset classes and provides an overview of key market insights. Market Commentary Agency pricing declined in May, with the UMBS 5.5 falling from 99.55 at the start of the month to 99.00 at month-end, representing a 0.55% […]
MIAC’s Whole Loan Trading Desk reviews agency pricing trends, Treasury yield movements, and liquidity conditions across whole loan asset classes and provides an overview of key market insights. Market Commentary Agency pricing softened in April, with the UMBS 5.5 declining from 100.07 on April 1st to 99.73 at month-end, reflecting a 0.34% price decrease. The […]
In Volatile Times of Transition, the MSR Market Seeks to Help Safeguard Shareholder Value and Unlock its Potential We believe that the current landscape of the mortgage servicing rights (MSR) market reflects a dynamic interplay of volatility, risk, and opportunity. In this evolving environment, hedging can play a critical role in navigating risks while unlocking […]
In the ever-evolving world of mortgage delivery systems, efficiency and accuracy are paramount. For organizations selling loans to Ginnie Mae (GNMA), the Single Family Pool Delivery Module (SFPDM) delivery process can be challenging. Fortunately, MIAC’s Mortgage Delivery Specialists (MDS) offer two distinct solutions to help streamline this process: Licensing the DataRaptor® SFPDM™ software or opting […]
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