Principles of Mortgage Lending Secondary Marketing MICHAEL WILBERTON VP CAPITAL MARKETS OFFICER, HARBORONE BANK
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1 Principles of Mortgage Lending Secondary Marketing MICHAEL WILBERTON VP CAPITAL MARKETS OFFICER, HARBORONE BANK
2 Executive Summary History of Secondary Marketing Key Participants in the Secondary Market Main products for the Secondary Market Structure of a Secondary Department How Secondary Works Secondary and Technology Regulatory Compliance and Secondary The Future of Secondary
3 History of the Secondary Mkt Federal Housing Administration (FHA) 1929 Stock Market Crash & Great depression. ARM to Fixed Rate Mortgages Federal National Mortgage Association (Fannie Mae) 1954 FNMA Charter Act 1968 Private stock offering and Government Sponsored Enterprise (GSE) 1968 Government National Mortgage Association (GNMA or Ginnie Mae) 1970 Federal Home Loan Mortgage Corporation (Freddie Mac) 1970 GNMA 1 st MBS 1972 FNMA & FHLMC buy Conventional Loans 1979 GSE Buying ARMS April 10, 1987 Rates 8.5% to 10% Value in Loans dropped Many lenders did not survive Holding Financial Interests, Hedging
4 History of the Secondary Mkt Private Label Securities Ie. Citi & Countrywide Growth Steady increase of property value. Low interest rates Sept. 11, 2001 Rates < 5% Fed. Funds Rate 1.0% Expansion of Mortgage Credit: Subprime Market: Approx. $35 to $125 Billion Alternative Documentation Loans 80/20 Loans Option Arms Predatory Lending High Rates Saleable Loans GSE s Market Share 50% to 33% Lower credit score tolerances Higher LTV Limits Alt-A 2007 Subprime Crisis Subprime PMBS
5 Key Participants Secondary Market Government Sponsored Entities (GSEs) and Government Agency: Fannnie Mae Freddie Mac Ginnie Mae Independent Players: Rank Mortgage Lender Origination Volume 2016 Market Share 1 Wells Fargo 249 B 12.5% 2 JP Morgan Chase 104 B 5.2% 3 Quicken Loans 96 B 4.8% 4 Bank of America 79 B 4.0% 5 US Bankorp 57 B 2.9% 6 Freedom Mortgage Corp 54 B 2.7% 7 Caliber Home Loans 41 B 2.1% 8 LoanDepot 38 B 1.9% 9 Flagstar Bank 32 B 1.6% 10 United Wholesale Inc 23 B 1.2% 11 Guaranteed Rate Inc 23 B 1.2% Other Participates: US Treasury and FED Insurance companies: AIG & MetLife Pension Funds Mutual funds Hedge Funds Sate/Local Gov. Source: Market Watch
6 Main Products for the Secondary Market Conventional: Fixed: 10yr, 15yr, 20yr, 25yr, and 30yr. Adjustable Rate Mortgage: 1/1, 3/1, 5/1, 7/1, 10/1, and 15/1 CAPS: 2/2/5 5/2/5 Margin: Index: 2.25 Libor CMT - Treasury FHA & VA: Fixed ARM CAPS, Index, & Margin Non-Conforming (Jumbo): Loan amount limits > 453,100 > County Limits ($679,650) Fixed ARM
7 Structure: Secondary Department Overall Operations Pricing: Rate Sheets Locking loans Risk Management: Interest Rate Risk: Hedging: BE MD MBS/Securitzation Pipeline Management Loans Sales: Sale Size Best-Ex: Funding: Saleability Risk Self funded Warehouse Best Effort (BE) Shipping: Mandatory (MD) Investor Requirements Bulk Sales Stacking Orders Co-Issues Post-Closing: Mortgage Backed Securities (MBS) Funding Conditions Quality Control
8 How Secondary Works: Overview Protect the Margin Managing Risk Secondary Marketing Operations: Rate Sheet generation Pricing Loans Risk Management: Multiple Investor Outlets Pipeline Hedging Pricing Master Commitments Locking Loans: Hedge, Mandatory, and BE Pipeline Management: Re-pricing Extensions Renegotiations Cancellations BE Locks
9 Secondary and Technology LOS Hedging platform: Accuracy of information Different & Complex models: Live data Multiple calcs. and algorithms Integrations Pricing and locking engine: Efficiencies for LOs and Secondary Models: Ie. Duration Hedging. Efficiencies when hedging Best-Ex: Accurate pricing: LLPAs Borrower Quote Different loan sale executions Multiple investors Ease of loan sales Multiple products Pooling
10 Regulation Compliance & Secondary Effect of changing regulation: GSEs and Investors CFPB TRID: Unknowns of change in process Fair Lending: Pricing to the LOs/Borrowers LO compensation Reporting & Controls Exceptions Investor requirements Volume prior and after reg
11 The future of Secondary Unknowns of Government changes: Fed and Rates Fed Funds Rate QE & Bond buying Investors: M&A and New players New products: Alt A Non-QM Regulatory changes Expanded guidelines Different Executions CRA
12 Secondary Marketing Q & A
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