Finance

Mortgage companies that borrow heavily to keep their operations running may face financial pressure from coronavirus-related market volatility as it affects the valuations of collateral securing their financing.

The $400 million Toorak Mortgage Trust 2020-1 is the largest securitization to date for Toorak, which provides short-term institutional capital for individual and corporate real estate developers.

Mortgage lenders could benefit from the surge in refinancing due to widening market spreads, and that could help offset damage to servicing rights portfolio valuations, according to Keefe, Bruyette & Woods.

Following four prior securitizations of prime auto-loan originations through its Carvana Auto Receivables Trust (CRVNA), the firm will sponsor its first pool of non-prime retail used auto loans underwritten via its e-commerce platform.

FirstKey Mortgage is sponsoring a rare pooling of manufactured housing loans in a $507.1 million securitization.

Most states have some kind of pricing limit on consumer loans. But proposals for a national usury law divide even Democrats, some of whom are concerned about restricting credit.

Asset manager PGIM Inc. is looking to at least triple its investments in the growing direct lending market where it wants to compete with banks to fund mid-size companies outside of the buyout space.

Fannie Mae completed its first two Credit Insurance Risk Transfer transactions of 2020, shifting $1 billion of single-family loan credit risk to insurers and reinsurers.

Nelnet Student Loan Trust 2020-2, arranged by Bank of Montreal, is made up of nearly 50% of formerly delinquent loans that have been cured to current status.

Any impact from the coronavirus outbreak on commercial and multifamily loan delinquencies won't be known for some time, the Mortgage Bankers Association said.

The Federal Reserve has voted unanimously to cut the interest rate 50 basis points to 1.10% effective March 4, in the first emergency rate cut since 2008.

The properties have a combined broker-price opinion value of $530.7 million, which is a 27.4% increase for the properties in their original respective securitizations in 2015 and 2016.

Veros Credit received an AA rating in its 2018-1 transaction, which featured lower loan-to-value ratios and average account balances in the pool.

An effort by the Federal Housing Finance Agency to examine membership rules for the Federal Home Loan Bank System is reigniting an argument over whether to allow more nonbanks in or impose tougher barriers.

Most of the pool is made up of office-property loans, but also includes a sizeable exposure to hotel and retail properties.

The cancellation by New Residential of a money-losing subservicing agreement should benefit Ocwen's financial results going forward, the company said.

Though the agency plans to give more credit unions authority to issue subordinated debt, limited investor appetite and other factors could hamper activity.

Black Knight introduced a model to gauge prepayment speeds and credit risk for investors that purchase commercial mortgage-backed securities.

DBRS Morningstar and Moody’s Investors Service have assigned preliminary ratings to the Classic RMBS Trust, Series 2020-1 transaction sponsored by Home Trust Co.

Her speaking engagement is the highlight of a deep dive into politics for the second day of the four-day industry confab.