Participants in the non-agency market are looking forward to expiration of the QM patch. However, industry groups and consumer advocates want the patch to be kept intact.
Banks are increasingly using asset dissipation underwriting tactics that aren’t supported by prudent risk management practices, according to the OCC. The regulator issued a bulletin with some suggestions for banks.
Angel Oak is set to issue one of its largest expanded-credit MBS. The deal follows strong issuance in the market in July and a number of other MBS from other firms are in the works.
Citadel posted record origination volume for the company in the second quarter, with help from products beyond the typical non-qualified mortgage offerings. Citadel also stands out by servicing its originations and largely avoiding contributing to non-agency MBS.
Redwood’s margins from non-agency mortgage activity declined in the second quarter and aren’t expected to increase much for the rest of the year, according to officials at the REIT. Redwood also has changed its MBS issuance strategy, putting seasoned mortgages into deals.
JPMorgan Chase is increasing its issuance of jumbo MBS backed by loans with relatively high LTV ratios. Meanwhile, Flagstar Bank is contributing loans to a jumbo MBS from Goldman Sachs.
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