By Dick Kazarian, Managing Director, Borrower Analytics Group Introduction and summary In our Winter 2021 edition of MIAC Perspectives, we provided an overview of our updated CORE™ Residential Models for Credit, Prepayment, and Loss. We identified six major features which distinguish these CORE models from alternative models available in the analytics marketplace. In the latest… Read more »
Perspectives
Whole Loans: Mid-Year Market Update
By Brendan Teeley, Senior Vice President, Whole Loan Sales & Trading GNMA Early Buyouts (EBOs) EBO pricing is at record highs as APM 20-07 increases the burden on servicers and owners to re-pool their delinquent GNMA loans. The requirement of 6-month consecutive payments means that borrower must be current for effectively 7 consecutive months prior to… Read more »
GNMA RG Pools: Delivery, Pricing, and Performance
By Paul Raebel, Managing Director, MDS – Loan Sales and Delivery Delivery and Pricing Beginning on February 1st, 2021, Ginnie Mae instituted new requirements for how re-performing loans must be pooled. These new pools are referred to as C RG pools and consist entirely of loans that have been bought out of Ginnie Mae pools…. 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 »
MIAC Software Support Update
By Lisa Malie, Managing Director, Product Management and Support Felicia Reynolds, Managing Director, Product Management and Support Behind the Scenes MIAC Analytics offers a diverse range of products and services to a wide audience of clients. In turn, it takes a dedicated team of professionals to support, maintain and evolve these products and… Read more »
MIAC Perspectives – Winter 2021
In this issue… Introducing the Updated CORE™ Residential Models for Credit, Prepayment, and Loss Dick Kazarian, Managing Director, Borrower Analytics Group MIAC’s Borrower Analytics Group has completely revamped the CORE™ family of residential behavioral models. These models cover all three residential sectors: Agency, GNMA, and Non-Agency. The purpose of this report is to highlight six… Read more »
Introducing the Updated CORE™ Residential Models for Credit, Prepayment, and Loss
By Dick Kazarian, Managing Director, Borrower Analytics Group Introduction and Summary Over the past two years, MIAC’s Borrower Analytics Group has completely revamped the CORE™ Family of Residential Behavioral Models. These models cover all three residential sectors: Agency, GNMA, and Non-Agency and include the following components: Credit frequency (i.e., “roll rates”) Voluntary Prepayments Foreclosure/REO Timelines… Read more »
2020 Market Retrospective
By Brendan Teeley, Senior Vice President, Whole Loan Sales & Trading COVID-19 Prior to COVID-19, unemployment was at a 50-year low and inflation was also below the Fed’s target of 2.0%. A significant portion of the U.S. economy closed and remains closed due to COVID-19. Real GDP growth fell during the second quarter by a… Read more »
FINRA 4210: Time to Prepare
The FINRA Rule 4210, which establishes margin requirements for Covered Agency Transactions, including TBAs, has been a concern of secondary hedgers since the SEC’s approval of it back in June of 2016. After several delays to the effective implementation date, it looks like this latest date of June 25, 2018 just might stick. How does… Read more »
MIAC Perspectives – Fall 2017
In this issue… CECL – Raising the Standards of Success Dean Hurley, Managing Director, Structured Products Group Jeffrey Zuckerman, Vice President, Capital Markets Group The CECL is bringing fair value into the ALLL. We describe how the standards are impacting the financial industry — and how MIAC is partnering with organizations to ensure a smooth implementation. Read… Read more »