PennyMac Financial Services has significantly curtailed its originations of jumbo mortgages in recent years, and ended 2016 nearly out of the sector all together. PennyMac didn’t have any jumbo originations in the fourth quarter and as of the end of 2016, the nonbank only had $1.0 million in locked jumbos in its pipeline.Citigroup has entered into a subservicing agreement with Cenlar for the bank’s non-agency mortgages. Servicing is expected to be transferred ... [Includes four briefs]

The new MBS is largely backed by non-QMs, along with some “rebuttable presumption” QMs…

The "Lost Sales Analysis" product – licensed from its developer, Equifax – helps originators determine if applicants closed a mortgage with a competitor.

Real estate brokerage firm Redfin is preparing to offer purchase mortgages to homebuyers who use the firm’s real estate agents. The company announced Redfin Mortgage last week, promising a “digital mortgage,” low interest rates and faster closing times. The new lender will be led by Jason Bateman, a former executive vice president of mortgage operations at BBVA Compass. “When your real estate agent, title professional and lender work together, you win,” he said. “Lenders should spend their time determining which loan is right for a customer, not looking for new customers.” Initially, Redfin Mortgage plans...

Tom Hutchens of AOMS, said “a lot” of his optimism about higher nonprime origination volumes for 2017 is tied to securitization. “This is now a liquid market,” he said.

The nomination of investment banker Steven Mnuchin to head the Treasury Department moved forward Wednesday...

All of the loans are current, though Fitch noted that 20.4 percent are “dirty current,” having experienced recent delinquencies or incomplete pay-strings…

For all of 2016, Redwood came to market with just three jumbo MBS deals.

Three of the nation’s most active nonprime mortgage originators – Citadel Loan Servicing, Angel Oak and Deephaven Mortgage – are all working on new MBS deals, a bullish sign for a market that has been mostly dormant for years. Executives at all three shops confirmed to Inside MBS & ABS this week their intention to bring new MBS to market – most likely through rated transactions. As for details, that’s a different matter. All three are...

The subprime auto lending market is stable and the underwriting is strong, but delinquencies are up, according to credit bureau experts speaking at the American Financial Services Association’s vehicle financing conference. The auto financing industry is coming off another record year of sales, according to Chris Stinebert, president and CEO of AFSA. He added that it’s important for credit reporting agencies to set the record straight on the health of the subprime auto finance market. “The fact is...