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Monday Morning Cup of Coffee: Ginnie MSRs up for grabs; Key housing data expected

January 27, 2014

Monday Morning Cup of Coffee takes a look at news coming across HousingWire’s weekend desk, with more coverage to come on bigger issues.

Missed your chance to grab Ginnie Mae mortgage servicing rights? No worries.

Interactive Mortgage Advisors just announced it’s the exclusive broker for another $1.034 billion Ginnie Mae residential MSR portfolio.

The firm classifies the for-sale portfolio as “slightly seasoned” high-quality, low interest rate MSRs from a reputable mortgage banking firm.

The portfolio has a 4.023% weighted average note rate, a geographic concentration that features Texas as the lead state and a weighted average FICO score of 690. Total delinquencies and foreclosures hover at 4.03%, while 30-day delinquencies represent 2.88% of the portfolio.

The portfolio is subserviced by LPS, IMA notes.

USRES/RES.NET CEO and founder Keith Guenther is responding to news that Todd Mobraten, COO and president, is leaving the company after more than a decade. As HousingWire announced last week, Mobraten submitted his resignation to pursue undisclosed opportunities. The firm’s CEO Guenther soon followed with a statement, saying:

"Todd has been a significant part of the RES.NET family for more than 15 years, and in that time his contributions to the company have been outstanding. He is an extremely talented individual, and while he will be missed here both personally and professionally, the entire USRES/RES.NET  team and I truly wish him all the best in any future endeavor. As founder and CEO of USRES/RES.NET I have worked with Todd to plan this transition, and I look forward to continuing my an active role in the company’s daily activities to best serve our loyal clients and trusted partners."

Best of luck to Todd and his new venture.

In what is an uncertain time and volatile market, analysts with Bank of America-Merrill Lynch released an update on agency and non-agency mortgage-backed securities late last week.

In their latest Securitized Products update, Chris Flanagan and Justin Borst said, "We remain defensive in securitized products for the very near term, open to the possibility of the 10-year Treasury yield moving down to 2.50%.” They also remain underweight when it comes to agency MBS and say they "look to add exposure to IOs, inverse IOs, non-agency MBS, CMBS, CLOs and esoteric ABS on any near term weakness."

When it comes to agency MBS, analysts with BofA-Merrill Lynch remain underweight based on expected tight valuations and another 5 to 10 basis point widening.

Nine new firms have agreed to partner with Zillow Tech Connect – a tool that lets technology companies partner with Zillow, integrating their systems so brokers and agents who use the real estate website as part of their marketing can easily connect clients with Zillow's many leads. New program participants are relationship management software firms, marketing systems and brokers. The list includes BombBomb, Commissions Inc., Contractually, planetRE, PlanPlus Online, Slacker by King of Casas, TorchX, Wise Agent and ZipRealty.

In the wake of last week’s rocky stock market, analysts will be paying close attention to several economic indicators due out this week. For starters, new home sales is expected on Monday, followed by the S&P Case-Shlller Home Price Indices on Tuesday and the Federal Open Market Committee’s meeting announcement on Wednesday. Pending home sales arrives on Thursday. CNBC is already calling for an anxious week ahead.

Last week, the Federal Deposit Insurance Corp. closed The Bank of Union in El Reno, Okla.

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