Webbs Hill – Our Guide on how we can keep helping you
Some may consider Non-Agency RMBS a dying asset class, but half a trillion dollars of UPB could still provide many opportunities to those willing to dig deep. Unlike marketplace lending, Non-Agency has real collateral backing these bonds, with many properties rising significantly in value since the crisis hit. Focusing on legacy bonds, there are still 2.2 million loans for $423 billion of UPB, which includes 257,112 seriously delinquent loans, many with quite interesting situations to understand. These loans are being serviced by approximately 34 servicers with 9 trustees involved. We have seen enough evidence to know that all these parties, all the collateral and all the cash flows need to be monitored each month. The governing documents establishing these trusts never imagined the mortgage crisis and unfortunately data elements which are vital to properly analyzing bonds are not readily available. Since 2014, Webbs Hill has been scrapping, downloading, analyzing, joining, running queries, poking through public records and banging their heads accumulating all the scarce but valuable data into one remarkably fast, scalable and secure database on the AWS cloud.
Thanksgiving is a good time to review with our clients all the data we have available and what we have provided and can provide to you in 2018 and beyond. Don’t get misled by data from Bloomberg, Intex, Remittances or even from the big broker dealers. Pretty charts, tables, graphs, heat maps and macro observations don’t help in this space anymore. It is now all about digging deep into the data and understanding the collateral backing your bonds. We are an email or phone call away for any questions or requests. Examples of how we can help start on page 8.
Have a happy Thanksgiving. The November remittance data from CoreLogic will arrive Monday evening, November 27th. This remittance should start showing any performance effects, if any, from the hurricanes.
Contact us at 203-276-0672 to become a client and access all reports and attachments.