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Mortgage Performance: PLRMBS Issuance Resurgence

A Closer Look at the Private Label Lending Product

While issuance volumes are nowhere near pre-crisis levels, the Private Label Residential Mortgage Backed Securities (PLRMBS) market has continued to provide access to funding for mortgage loans that don’t conform to the current tight credit markets. We observe a cycle starting in 2009 where a limited number of PLRMBS issues have made it to market through 144A rule offerings with deal volumes by vintage and origination amounts by vintage both peaking in 2017 (as of December 2017 remittance).

Median Home Price and Out/In Application Ratio for 2017

Median Home Price and Out/In Application Ratio for 2017

The collateral reveals the overwhelming tendency is to issue BC/Subprime deals that tend to revolve around NPL/RPL loans. These deals could include NPL/RPL portfolios being securitized from GSE auction purchases as well. Likewise, we see several legacy PLRMBS deals being called and the remaining outstanding loans re-securitized into new 144A issues. In more recent vintages starting in 2014, we’re starting to also see the emergence of a limited number of non-QM loans being included to some deals.

Issuer wise, the diversification has been significant. No less than 55 firms from 2009 to date have issued into the PLRMBS segment. However, roughly 50% of all deals issued during this time have been issued by only 5 issuers: Bayview, Sequoia, Credit Suisse, JPMorgan and Towd Point. 

Median Home Price and Out/In Application Ratio for 2017

Median Home Price and Out/In Application Ratio for 2017

While the deal volumes are not comparable to pre-crisis there has been a slow but gradual resurgence the last few years. If 2015 to the present is any indication, we can expect a continued growth trend and have already reached $50B in closing balances for 2017. Going into 2018, there should be continued interest in securitizing NPL /RPL loans and further defining the evolving non-QM credit box. The question mark is with respect to the public side and whether or not we’ll see issuance under Reg AB II.

In our next installment, we’ll take a look at the traits and relative performance on the book of issued PLMBS deals between 2009 to date.

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Housing Trends: U.S. Single-Family Rents Up 2.7 Percent Year Over Year in November

Houston Rent Growth Remains Strong Due to Hurricane Harvey

  • National rent growth decelerated in November 2017 compared with November 2016
  • High-end segment growth accelerated in November 2017 compared with November 2016
  • Of 20 select metros analyzed, only Honolulu and Miami experienced a decrease in single-family rents in November

National single-family rent prices climbed steadily between 2010 and 2017, as measured by the CoreLogic Single-Family Rent Index (SFRI). However, the Index shows overall year-over-year rent growth has decelerated slowly since it peaked early last year (Figure 1). In November 2017, single-family rents increased 2.7 percent year over year, a 1.6-percentage point decline since the growth rate hit a high of 4.3 percent in February 2016. The Index measures changes to the cost to rent single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time. The analysis is conducted both nationally and for 75 individual Core Based Statistical Areas (CBSAs).

Shu Chen Blog Post

Shu Chen Blog Post

Using the Index to analyze specific price tiers reveals important differences. Figure 1 shows that the Index’s overall growth in November 2017 was pulled down by the high-end rental market, which is defined as properties with rent prices 125 percent or more of a region’s median rent. Rent prices on higher-priced rental homes increased 2.3 percent year over year in November 2017, up from a gain of 1.7 percent in November 2016. Rent prices in the low-end market, defined as properties with rents less than 75 percent of the regional median rent, increased 3.8 percent year over year in November 2017, down from a gain of 5 percent in November 2016.

Rent growth varies significantly across metro areas. Figure 2 shows the year-over-year change in rent prices for 20 select CBSAs in November 2017. Seattle-Bellevue-Everett, Wash., had the highest year-over-year rent growth with an increase of 5 percent. Only two CBSAs among this group of 20 showed a decrease in rent prices: Urban Honolulu, Hawaii (-1.6 percent) and Miami-Miami Beach-Kendall, Fla. (-0.2 percent). The November 2017 results for Houston is notable with rent growth of 2.5 percent year over year in November 2017, compared with a decline of 1.5 percent in November 2016. While rents in Houston are showing strength due to increased demand after Hurricane Harvey, markets in Florida continue to show weakening rent growth despite Hurricane Irma. Tampa-St. Petersburg-Clearwater, Fla showed 1.5 percent point lower year-over-year increases in rents compared with November 2016. Miami-Miami Beach-Kendall, Fla. continued to experience rent decrease in November 2017.

© 2018 CoreLogic, Inc. All rights reserved.

CoreLogic.com

Videos: U.S. Housing Policy Outlook February 2018

115th Congress Second Session

Alyson Austin, principal communications for CoreLogic, sits down with Global Head of Public Policy and Industry Relations, Stuart Pratt, to discuss the Second Session of the 115th United States Congress and what might happen in 2018. The questions range from whether Congress will be able to accomplish GSE Reform to what banking related bills, if any, might pass this year.

© 2018 CoreLogic, Inc. All rights reserved.

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