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 […]
Category Archives: 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.
Source: MIAC Analytics – CCY data derived from MIAC’s proprietary TBA Fixings™ and CCY Fixings™ platforms. While MSR values have remained generally resilient, periods of rate volatility have contributed to modest value compression at times as prepayment expectations adjust. At the same time, investor demand for servicing assets remains strong, with competitive execution observed across both bulk and flow transactions. […]
By Mike Carnes, Managing Director, MSR Valuations Group | February 2026 This article explains how lenders should evaluate whether to retain or sell MSRs, and why execution quality often matters more than market timing or portfolio composition. This analysis reflects MIAC Analytics’ experience advising banks, independent mortgage banks, and capital markets investors on MSR valuation, […]
By Ian Richards, Senior Vice President, Borrower Analytics Group | January 2026 Our clients and readers know that there is considerable heterogeneity within the GNMA sector, which is dominated by FHA-insured and VA-guaranteed loans. These differences include average balance, credit characteristics, LTV, and other attributes. While VA loans have always been more sensitive to rate […]
By Mike Carnes, Managing Director – MIAC MSR Valuations Group – December 2025 The Evolving Role of Recapture in Today’s MSR Market Recapture continues to play a meaningful and increasingly visible role in MSR pricing, borrower behavior, and portfolio strategy. Even as primary mortgage rates hover in the low- to mid-6% range, recapture activity continues […]
By Mike Carnes, Managing Director – MIAC MSR Valuations Group Fair Market Value Update Following the Federal Reserve’s recent 25-basis-point rate cut, mortgage rates initially moved lower but have since leveled off. Market sentiment has moderated in response to Chair Powell’s recent comments, which suggested that additional rate reductions in 2025 are not guaranteed. MIAC’s […]
By Mike Carnes, Managing Director – MIAC MSR Valuations Group Fair Market Value Update In anticipation of the Fed’s recent 25 bps rate cut, mortgage rates had already been trending lower. MIAC’s Base Mortgage Rate declined from 6.60% at the end of June to 6.37% at the end of August and now sits at 6.13% […]
By Mike Carnes, Managing Director; Jennifer Howell, Managing Director; Nicholas Manolis, SVP – MIAC MSR Valuations Group Fair Market Value Update From end-of-month May to end-of-month June 2025, MIAC’s Primary 30-Year Mortgage Rate (C30 PMR) declined by approximately 27 basis points, while the benchmark earnings rate (5-Year SOFR) fell by roughly 18 basis points. These […]
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™ […]
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 […]
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