A significant portion of non-QMs could meet new standards for qualified mortgages, according to Kroll Bond Rating Agency. It’s also possible that the CFPB will alter the standards before they take effect.
Chase is set to issue a $1.03 billion MBS backed by newly originated jumbos. Meanwhile, Credit Suisse and MFA have deals with slightly seasoned non-QMs and investment-property loans.
The latest changes made to the GSEs’ preferred stock purchase agreement place limits on certain loan acquisitions by Fannie and Freddie. However, the move is unlikely to help the non-agency market.
Strong application volume for non-QMs at PCMA; increased funding for investment-property mortgages; CFPB exempts smaller depository institutions from escrow requirements for higher-priced mortgages.
The REIT set a company record for locked jumbo business in the third quarter and then went on to break it in the fourth quarter. Redwood is focusing on prime jumbos as its expanded-credit lending has stalled.
The fintech upstart aims to issue a jumbo MBS during the first quarter of 2021 using blockchain technology. Mike Cagney’s shop also has applied for a bank charter.
Non-agency lenders will no longer have to look to stringent underwriting requirements set by the CFPB, which will likely shift some non-QM lending in-to the QM sector.
The servicing standards proposed by the CSBS for nonbanks need to be significantly overhauled or dropped altogether, according to industry com-mentors.
Goldman is set to issue a prime non-agency MBS backed by new production while affiliates of Caliber and Verus brought deals collateralized by seasoned loans.
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