By Mike Carnes, Managing Director; Jennifer Howell, Managing Director; Nicholas Manolis, SVP – MIAC MSR Valuations Group Fair Market Value Update From end-of-month February 2025 to end-of-month March 2025, MIAC’s primary 30-year mortgage rate (C30 PMR) remained essentially flat while earnings rate (SOFR 5Y) dropped by 9 basis points. Source: MIAC Analytics™ Source: MIAC Analytics™… Read more »
MSR Market Updates
Stay Informed with MIAC’s Monthly Mortgage Servicing Rights MSR Market Updates
In today’s Mortgage Servicing Rights MSR market, staying informed is vital. MIAC’s monthly updates equip you with the insights you need to make confident business decisions. These reports delve into critical factors that directly impact MSR valuations and profitability.
MIAC’s Mortgage Servicing Rights MSR Market Updates provide a comprehensive understanding of current market conditions. Through analysis of prepayment speeds, delinquency rates, and mortgage market volatility, you gain a clear picture of the landscape. Additionally, the reports leverage in-depth analysis of data from the Government Sponsored Enterprises (GSEs) to provide valuable benchmarks for your own portfolio performance. Expert commentary helps you interpret how economic factors like unemployment can impact MSRs, empowering proactive management of your portfolio.
Residential MSR Market Update – February 2025
By Mike Carnes, Managing Director, MSR Valuations Group Ginnie Mae Performance From our vantage point, higher delinquencies continue to plague newer vintage Ginnie Mae MSRs. From November ’24 to January ’25 MIAC respectively tracked $617, $730, and $563 million in early buyouts for a 3-month total of $1.91 billion. In addition, there was another $1.7… Read more »
Residential Mortgage Servicing Rights Market Update – Q1 2024
By Mike Carnes, Managing Director, MSR Valuations Group One may think it is counter-intuitive to be discussing recapture at a time where primary mortgage rates are still hovering above 7%, but recapture is still playing a role in MSR pricing. With new production MSRs at historic lows, MSR participants see developing recapture capabilities as a… Read more »
MSR Market Update – Q3 2022
By Mike Carnes, Managing Director, MSR Valuations Group MSR Price Changes (YTD 2022) As displayed in Figure 1, MIAC Generic Servicing Assets™ (GSAs) have experienced significant YTD 2022 price increases across all four sectors and both vintages, with a UPB-weighted increase of 1.17 multiple (or 30.0%). Within Conventional products, pricing increased substantially more for 30-year… Read more »
MSR Market Update – Q1 2022
By Mike Carnes, Managing Director, MSR Valuations Group MSR Pricing MSR prices continued their dramatic ascent in Q1 2022. As displayed in Figure 1, MIAC Generic Servicing Assets (GSAs™) experienced first quarter price increases across all four sectors and both vintages, with a UPB-weighted Q-on-Q increase of 0.97 multiple (or 24.9%). Within Conventional products, pricing… Read more »
Residential MSR Market Update – Q3 2021
By Mike Carnes, Managing Director, MSR Valuations Group MSR Pricing YTD MIAC Generic Servicing Assets (GSAs™) have seen YTD price increases across all sectors, with a UPB-weighted increase of 30.7%. Across Conventional products, pricing increased substantially more for 30-year than for 15-year. This is due to (a) 30-year primary rates increasing by more than 15-year… Read more »
Residential MSR Market Updated – July 2021
By Mike Carnes, Managing Director, MSR Valuations Group GSA Pricing: Month-Over-Month Over the month of June, primary mortgage rates were mostly flat, while the CMS curve flattened significantly – with 2-year CMS rates backing up 10 BPs and 10-year CMS rates falling 15 BPs. During the same period, the MIAC Generic Servicing Assets (GSAs™) saw… Read more »
Residential MSR Market Update – November 2020
Month-over-Month From end-of-month October to end-of-month November, the MIAC Generic Servicing Assets (GSAs™) Conv_30 Index decreased by 4.30%, and the GNII_FHA_30 Index decreased by 6.90%. During the month of November, Conv_30 Index OAS’s tightened to close the month at 1,307.7 bps, for a decrease of 7 bps. The GNII_FHA_30 Index OAS’s widened to 1,638.3 bps… Read more »
Residential MSR Market Update – July 2020
Month-over-Month From end-of-month June to end-of-month July, the MIAC Generic Servicing Assets (GSAs™) Conv_30 Index decreased by 5.05%, and the GNII_FHA_30 Index decreased by 0.57%. During the month of July, Conv_30 Index OAS’s tightened to close the month at 1,258.3 bps, for a decrease of 36.4 bps. The GNII_FHA_30 Index OAS’s tightened to 1,571.8 bps,… Read more »
Residential MSR Market Update – February 2020
Month-over-Month From end-of-month January to end-of-month February, the MIAC Generic Servicing Assets (GSAs™) Conv_30 Index decreased by 7.12%, and the GNII_FHA_30 Index decreased by 9.32%. In larger GSA cohorts, which are actively traded in the MSR market, the Conv30_3.5_2018 cohort decreased by 8.09%, and the GNII_FHA30_3.5_2018 cohort decreased by 9.15%. During the month of February,… Read more »