Rates are headed lower, at least for now, causing sellers of MSRs to pause. However, “whole” company deals could pick up a head of steam. One hungry buyer: Guild Mortgage of San Diego.
The bipartisan Middle-Class Mortgage Insurance Premium Act was reintroduced in the House last week by Reps. Vern Buchanan, R-FL, and Jimmy Panetta, D-CA.
The move signals an aggressive effort by federal regulators to rein in consolidation in the mortgage tech industry. ICE said it is prepared to fight the FTC over the Black Knight deal.
The bank liquidity crisis that started with Silvergate claimed the lives of three depositories but stopped at the door of the San Francisco-based FRB. More revelations might lie ahead. Meanwhile, the Federal Housing Finance Agency delayed its DTI fees.
Rising interest rates and fickle demand in the secondary market made it difficult to originate non-QMs in 2022. The hope among industry participants is that volatility will recede.
Non-QM lenders and MBS issuers are making adjustments amid a volatile secondary market. Issues include timing for MBS issuance and competition for new production.
Among a group of 20 prominent nonprime servicers, portfolio balances increased by 0.3% during the fourth quarter of 2022. Prepayment rates on non-QMs are low and delinquencies are rising.
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