Florida is enacting new standards for business-purpose mortgages due to concerns that lenders were misclassifying such originations in an attempt to avoid regulations.

Jumbo servicing portfolios increased sequentially at most prominent servicers during the first quarter of 2019, though Wells Fargo and Chase posted declines. First Republic Bank's servicing model stands out.

Ocwen took another loss in the first quarter, with the nonbank's subprime portfolio continuing to decline. Only 2 of the top 15 subprime servicers increased their portfolios on an annual basis.

Impac Mortgage and Sprout Mortgage stand out among contributors to expanded-credit MBS. They’re the only two lenders among the top five that aren’t affiliates of firms that issue deals.

Wells Fargo shot to the top of the list of originators of mortgages in prime non-agency MBS in the first quarter, demonstrating the power banks have to sway the market.

First Republic Bank and Flagstar Bank posted lower originations of jumbo mortgages in the first quarter on a sequential basis. However, lower interest rates are expected to boost production in the second quarter.

Efforts by the Trump administration and the FHFA to reform the government-sponsored enterprises will likely prompt more activity in the non-agency market. However, the devil is in the details.

S&P is asking lenders and issuers to provide more details about bank statement loans as it plans to increase transparency around the product.