The Institutional Risk Analyst

Bayview Acquires Guild Mortgage

Truth is, it’s hard to see the leadership of either RITM or UWMC combining with another entity, but the cost pressures in the industry today are driving radical change.

Jun 194 min read

Interest Rates, Mortgage Lenders & MSRs

While there are a great number of people inside the Fed who ponder the appropriate level of reserves in the system, they don't really know

Feb 15, 20246 min read

Does PacWest + Banc of California + Warburg Pincus = Value?

The Q2 2023 disclosure for PACW suggests an institution that is bleeding cash and operating in extremis...

Sep 18, 20237 min read

RITM Goes Multi Asset; TCBI Shrinks Assets, Grows Returns

TCBI needs to keep efficiency in the 50s if they want to survive the coming drought in mortgage lending.

Aug 4, 20236 min read

Is USA still a "AAA" Credit? Really? Update: Rithm Capital

When interest rates eventually fall those late vintage mortgage loans with 6% coupons will evaporate like spring snow in the sunshine

May 10, 20238 min read

Atlas Stumbles, Silvergate Wallows; 360 Mortgage v. Fortress (and RITM)

Are nonbank mortgage firms a risk to Ginnie Mae? Or is it really the other way around?

Mar 6, 20238 min read

RKT Sinks, UWMC Wobbles, RITM Treads Water & Goldman Doubles Down

GS is a securities dealer first and foremost and has no comparative advantage as a bank.

Mar 2, 20236 min read

Mortgage Wrap; PennyMac Financial, Rithm Capital & MSRs

We suspect that the IMBs will be sellers of conventional assets to defend their Ginnie Mae MSRs. Banks may be buyers of conventional assets

Feb 9, 20237 min read

Update: Mr. Cooper (COOP)

Despite the outlook for the industry, COOP continues to be one of the better performing names in our mortgage surveillance group.

Oct 26, 20224 min read