The Institutional Risk Analyst

The sharp rise in bank stocks in 2021 coincided with a surge in operating income due to COVID. Now we reverse that trend in 2022...

Net, net, the dynamics in the market are actually forcing interest rates down

The new technology that powers the Sagent-Cooper vision for servicing is already proven in the market

ICE buying the revenue streams represented by BKI is a big bet on yesterday, not a bold initiative to change the mortgage industry

Many of the startups, investment flows and SPAC transactions that proliferated in 2020-2021 are likely to be casualties in the next several

Who is going to acquire and restructure Blend Labs (BLND) before this newbie-fintech-something runs out of cash?

With MBS prices falling, the FOMC may have to accept the natural runoff rate for the MBS in the SOMA for many years to come

There a brisk debate ongoing in the fixed income markets over how much the Federal Open Market Committee will raise interest rates and when

In our view, Guild Mortgage is one of the highest quality businesses in the residential mortgage space.

We add a new dimension of risk to the normalization of US bank earnings with the Russian war against Ukraine.

UPST has seen its valuation cut by 60% since March of last year, when its common equity traded at a mere 31x book value.

Among the ten largest mortgage specialization banks, NexBank had among the best equity returns in Q3 2021

Collateralized lending in the US was essentially impossible outside of banks from 1925 through the mid-1970s...

We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.

We ask whether bank fundamentals are starting to catch up to the very full equity market valuations , up 40% since the end of 2020

When issuers like RKT and PFSI are paying up for servicing assets, you know that the secondary loan market is getting tougher by the day.

The good news is that NRZ is growing and making strides in terms of asset creation and, especially, asset retention.

Risk to investors in the market for residential mortgages is rising and from multiple sources

Look for the FOMC to act early and go big in terms of forward repurchase agreements at the first sign of liquidity stress.

WAL is one the best performing small banks in the US based upon equity market valuations, profits and growth rates