Originations of jumbo mortgages declined across the three production channels in 2017, with retail posting the biggest decline, according to an Inside Nonconforming Markets analysis of survey responses to affiliated publication Inside Mortgage Finance. The survey respondents reported $234.21 billion in jumbo originations, down 18.0 percent from 2016, which represented about 79.4 percent of the total jumbo market. Among respondents, retail production ... [Includes one data chart]
Originations of interest-only mortgages declined for many of the major players in the sector in 2017, according to a new ranking and analysis by Inside Nonconforming Markets. The declines were well beyond the slowdown in the overall volume of originations seen during the year. Among the top 15 IO lenders, six had lower production volume in 2017, with annual declines ranging from 6.7 percent to 61.1 percent. According to estimates by ... [Includes one data chart]
The Senate last week approved a regulatory relief bill that would grant qualified mortgage status to certain loans held in portfolio by smaller banks even if the mortgages would otherwise be non-QMs. The portfolio QM provision also has support in the House, but it has prompted concerns from some industry analysts. Moody’s Investors Service noted that if the provision becomes law, small banks won’t have to meet certain documentation requirements included in the Consumer ...
Angel Oak Prime Bridge, a lender offering short-term financing for house flippers, hopes to increase originations this year by more than five times the volume it produced in 2017. AOPB had more than $130.0 million in originations in 2017, according to Robert Malcahy, a senior vice president at the lender. He said the originations were focused in the Southeast. “In 2018, we have an expanded footprint and product offering targeted volume over $700.0 million,” Malcahy said ...
Angel Oak Capital Advisors is preparing to issue its first non-agency mortgage-backed security of the year backed by non-qualified mortgages, according to documents filed with the Securities and Exchange Commission. Tiptree has an agreement to sell jumbo lender Luxury Mortgage in the second half of this year. The buyer and purchase price weren’t disclosed. Citadel Servicing recently loosened underwriting standards on a number of its nonprime ... [Includes four briefs]
Housing and Urban Development Secretary Ben Carson told Congress it would cost approximately $500 million upfront to convert FHA’s archaic information technology systems to a modern technology platform.
Former Fannie Mae executive and critic of the government-sponsored enterprises’ credit-risk transfer programs, Tim Howard, said on his blog this week that CRTs only help “sustain what has become a very profitable program for Wall Street firms and capital market investors.”
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