Mortgages for self-employed borrowers look to be an area of growth for non-agency lenders. Embrace Home Loans and Truss Financial Group introduced separate products for self-employed borrowers recently. Embrace said its “beyond” products will provide finance to borrowers that other lenders have denied. “Beyond is our program that offers financing solutions for borrowers who don’t easily fit into the guidelines for conventional mortgages,” the lender said. “They call it ...
More small banks can soon receive qualified-mortgage status for certain originations even if the loans would otherwise be non-QMs thanks to provisions in the Dodd-Frank reform legislation signed into law last week. The new type of QM will be available to banks and credit unions with less than $10.0 billion in total assets. Originations held in portfolio by such institutions will receive QM status if they meet a variety of standards. The exemption is already provided to depositories with ...
The purchase-mortgage share of jumbo originations increased in 2017 on an annual basis, according to an Inside Nonconforming Markets analysis of data from the Home Mortgage Disclosure Act. The loans accounted for 63.6 percent of the $317.29 billion of jumbos originated in 2017, up from a 53.5 percent share the previous year. The emphasis on purchase mortgages varied among the top jumbo lenders. Purchase loans accounted for 69.4 percent ... [Includes three data charts]
Ellington Financial wants to speed up its issuance of non-agency mortgage-backed securities but competition for non-qualified mortgages is getting in the way. Ellington issued its first MBS backed by non-QMs in November. All of the mortgages in the $141.2 million deal were originated by LendSure. Ellington has an equity investment in the lender. Laurence Penn, president and CEO of Ellington, said the firm is preparing to issue another non-agency MBS and the nonbank would prefer to ...
Whole-loan trading is an increasingly important profitability tool for lenders in a market where soft production volume is squeezing margins, said industry officials during a panel session at the recent secondary market conference sponsored by the Mortgage Bankers Association. Loans tailored for Community Reinvestment Act needs, nonprime mortgages and arbitrage opportunities in agency loan-level pricing are hot products in the whole-loan market, officials said. Mason-McDuffie Mortgage ...
Originations of jumbo mortgages declined across channels in the first quarter with the retail channel gaining market share, according to survey results analyzed by Inside Nonconforming Markets. Jumbo originations reported by survey respondents declined by 30.4 percent from the fourth quarter of 2017 to the first quarter of this year. The survey data, gathered by Inside Mortgage Finance, included $40.4 billion of first-quarter jumbo originations, roughly two thirds ... [Includes one data chart]
CFPB’s Mick Mulvaney: “Today, after an exhaustive review by outside experts, including a comprehensive ‘white-hat hacking’ effort, we can lift that hold.”
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