REIT TBA investments down 22.6% as MBS values fall.

Donna Corley, one of the most influential women in housing finance, joins the exodus of senior executives leaving the GSEs.

Per loan profitability plummets more than $3,000 year over year.

The new rule may clear up some of the confusion surrounding how Fannie and Freddie calculate their capital requirements under the ERCF.

Participants in the non-agency market note that the loans are more difficult to underwrite than typical agency mortgages. But given that agency refi business is falling, there’s still plenty of business to be had in the non-agency space.

ARMs are getting more popular with borrowers as interest rates increase. In the non-agency market, ARM originations are currently dominated by banks.

Non-agency originations of higher-priced mortgages increased by nearly 60% on an annual basis in 2021. The top lenders include a mix of expanded-credit producers and lenders that focus on manufactured homes. (Includes two data charts.)

Originations of expanded-credit mortgages helped to boost nonprime servicing portfolios in the first quarter of 2022. (Includes data chart.)

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.