Can nonbanks become significant players in the HELOC market and ride MBS execution to a new wave of dominance? Due diligence firms that facilitate such transactions hope so.
Six expanded-credit MBS started marketing within the past two weeks and there are also offerings of prime jumbos, HELOCs and even a credit-risk transfer deal from Santander Bank.
Implementation of Ginnie’s risk-based capital requirements delayed; Fitch downgrades ratings of Finance of America, Provident; foreclosure starts decline; new alerts in Freddie’s Loan Advisor dashboard; MISMO seeks comments on three proposals; Staircase offers MSR transfer automation; LoanCare launches HELOC servicing; new LO recruitment tool.
Impac could be delisted; UWM offering HELOCS, including a piggyback option; Redwood “above average,” says Moody’s; CrossCountry launches bridge offering; Singapore-based lender offering jumbos in the U.S. with balances of up to $150 million for overseas investors.
Dwindling refis and record levels of home equity are making home-equity products attractive for nonbanks. The challenge is competing with banks that have the capacity to hold HELOCs and the like in portfolio.