In this issue…
Residential MSR Market Update – July 2021
Mike Carnes, Managing Director, MSR Valuations Group
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 time period, the MIAC Generic Servicing Assets (GSAs™) saw price increases across all sectors, with a UPB-weighted increase of 0.85%. Read more…
Whole Loans: Mid-Year Update
Brendan Teeley, Senior Vice President, Whole Loan Sales & Trading
The Scratch and Dent market continues to push through to higher prices and lower yields for buyers as capital sources shift toward the space. The biggest problem in the space is a lack of product availability, both in deal size, but also in total volume. Read more…
A Closer Look at Liquidation Timelines in MIAC’s CORE™ Models
Dick Kazarian, Managing Director, Borrower Analytics Group
We define the liquidation timeline for a residential loan to be the number of months it takes to resolve a distressed asset, from initial delinquency through final resolution. An important complication is that a loan can liquidate with a loss via many possible paths – and each of these paths has different potential timelines. Read more...
MIAC Product Support Update
Lisa Malie, Managing Director, Product Management & Support
Felicia Reynolds, Managing Director, Product Management & Support
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 services in a dynamic marketplace. MIAC’s Product Management and Support team plays an integral role in our industry-leading effort to meet the ever changing needs of our clients. Read more…
GNMA RG Pools: Delivery, Pricing, and Performance
Paul Raebel, Managing Director, MDS – Loan Sales and Delivery
Re-performing GNMA loans have lower monthly voluntary prepayments than otherwise similar GNMA loans which are always current. Within FHA, monthly prepayment rates are about 40% lower than always current loans – after adjusting for collateral characteristics such as LTV, UPB, state, and other prepayment drivers. Read more…
Download the Complete Summer 2021 Issue of MIAC Perspectives
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