There’s a sharp divide in the mortgage industry regarding the prospects for originations of non-qualified mortgages. Smaller nonbanks that focus on such products have high hopes for the non-QM sector while larger lenders have low expectations. Justin Mahoney, a senior portfolio manager at SG Capital Partners, a non-QM lender, noted that the nonprime mortgage originations market is the only lending sector that hasn’t recovered since the financial crisis. “It represents a real growth opportunity ...
Lending units affiliated with Angel Oak Companies reported a record $512.0 million in originations of non-qualified mortgages for the second quarter of 2018, putting the nonbank on pace to top $1.0 billion in production this year. Angel Oak’s non-QM production increased by 52.0 percent from the previous quarter and nearly doubled its originations of a year ago. Angel Oak’s various production entities added 104 employees during the second quarter for a total of 527 staff members ...
In early July, the REIT closed on its previously announced $190 million purchase of Shellpoint Partners, an acquisition that includes mortgage banking firm New Penn Financial.
Mortgage originations rallied in the second quarter of 2018 with most lenders reporting solid gains from a sluggish start to the year, according to an exclusive Inside Mortgage Finance ranking and market analysis. [Includes two data charts.]
With nonbanks continuing to gain share in mortgage origination, servicing and securitization, their ability to raise fresh capital to appease government guarantors is becoming increasingly important – and comes at a difficult time.
Trends with housing inventory, home prices and interest rates appear to be holding back home sales and originations of purchase mortgages, according to industry analysts.
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