Servicers plan more MSR risk-transfer deals

摘要

Embattled mortgage servicer ocwen financial and at least one other US servicer are actively working on new types of mortgage servicing rights (MSR) securitisations, known as direct-debt prepayment-risk deals or MSR 10 (interest-only) trades. The purpose of the deals is not to raise money - it is purely to reduce earnings volatility by shedding prepayment risk linked to MSRs associated with the GSEs. The non-bank servicers want to continue to acquire agency servicing, but they want to transfer the prepayment risk to private investors. Several industry participants compared the transactions to the recent risk-sharing trades from Fannie Mae and Freddie Mac.