As earnings season got underway for publicly owned lenders, First Republic Bank, Flagstar Bank and Redwood Trust reported increased jumbo loan production in 2017. First Republic produced $11.57 billion of single-family mortgages in 2017, up 8.9 percent from the previous year. Jumbos account for a large majority of its lending. Flagstar originated $8.80 billion of jumbo loans last year, a 37.5 percent increase from 2016. And Redwood, which sources loans from correspondents, purchased ...
New Penn Financial recently introduced a new non-agency program that allows for non-qualified mortgages and alternative documentation, among other features. The SmartEdge product includes loan amounts up to $3.0 million, credit scores as low as 620, debt-to-income ratios up to 50.0 percent and loan-to-value ratios as high as 90.0 percent. New Penn is in the process of being sold to New Residential Mortgage, a real estate investment trust. SmartSelf allows ... [Includes two briefs]
An estimated $475.0 billion of new first-lien mortgages were originated in the final three months of the year, down 4.0 percent from the previous quarter, according to a new Inside Mortgage Finance analysis and ranking.
In a statement issued to Inside Mortgage Finance, Sen. Mark Warner, D-VA – a key player in the process – said he is still interested in the topic, noting the panel wants a...
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