Homeowners have plenty of equity and nonbank lenders are looking to replace refinance business, leading some large nonbanks to start offering HELOCs. One complication: what to do with the assets.
Impac increased its emphasis on non-QM lending in the first quarter of 2022 and ended up taking a loss. Officials at the nonbank said hedging and other activities couldn’t overcome volatility in the non-QM market.
Altisource setting up alternative lending operations; Reverse Mortgage Funding offers non-agency MBS with proprietary reverse mortgages; Dovenmuehle assessed as “above average” by Moody’s.
Portfolio holdings of agency MBS fell mostly due to lower market value for the assets. REITs also recorded a significant drop in TBA investments as agency MBS issuance declined. (Includes data chart.)
After a two-week lull in issuance of jumbo MBS, a handful of deals hit the market. MBS issuers are facing weak demand from investors, with whole-loan outlets often offering better pricing.
The first Black woman to serve as head of the Federal Housing Finance Agency squeaked through the confirmation with just one Republican vote, Sen. Mike Rounds of South Dakota.
Investors are showing little demand for new issuance of CLOs and trading in the secondary market. CLOs are being sold off and are meeting with few potential buyer options.
A recent district court decision illustrates the importance of the powers ascribed to trustees in governing pooling and servicing agreements when initiating a foreclosure action.
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