The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Investments

REO-to-Rental securitization gets sterling Triple-A rating

Moody's provided risk analysis of Blackstone's Invitation Homes MBS

Moody's Investors Service (MCO) provided a credit analysis for Invitation Homes 2013-SFR1, an REO-to-Rental securitization, awarding $278.7 million in triple-A ratings, in what is by far the largest tranche in the deal.

Morningstar, first to release a pre-sale report, also awarded a triple-A to the same trance, citing very high credit levels.

The credit ratings agency said it had some concerns about equity foreclosures in the deal but "both mortgages and pledges of the borrower's equity secure the loan that backs the transaction," said the pre-sale report. "Moody's was therefore able to assign high investment grade ratings to the senior certificates." Kroll Bond Ratings is rating the deal similarly.

The $479.1 million of mortgage-backed securities is blocked into four classes of certificates backed by one floating rate loan secured by mortgages on 3,207 single-family rental properties.

Blackstone Group (BX) spent the past two years building its empire of single-family rental homes via subsidiary Invitation Homes, spending $7.5 billion to acquire 40,000 houses. Now, the private-equity firm is planning to sell bonds backed by lease payments, which is a step in a new direction for the housing industry.

Moody's says it has a strong faith in the abilities of the day-to-day property manager, THR Property Management. Morninstar mentioned that it visited the Dallas hedquarters of THR and found the standard application of a two-step screening process for renters.

The master servicer is Midland Loan Services, a division of PNC Bank (PNC). The special servicer is Situs Holdings.

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3d rendering of a row of luxury townhouses along a street

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