United Wholesale Mortgage announced this week that it’s offering interest-only mortgages, joining a growing number of banks and nonbanks originating the loans that don’t meet standards for qualified mortgages. Officials at United Wholesale noted a distinction in the lender’s IO product: “Large banking institutions have widely offered this option, but mostly restricted its availability to jumbo borrowers,” United Wholesale said. The lender is offering IOs with ...
Investors interested in the jumbo mortgage-backed security from JPMorgan Chase that’s set to be issued next week received new disclosures with sometimes confusing information thanks to a rule from the Securities and Exchange Commission. JPMorgan Mortgage Trust 2015-4 will have a balance of $388.34 million, according to presale reports published last week by Kroll Bond Rating Agency and Moody’s Investors Service. A week before the presale reports ...
Industry participants largely support a plan from the Federal Housing Finance Agency for adjustments to the conforming loan limit. The $417,000 loan limit applicable to the government-sponsored enterprises could be increased as soon as January, depending on house-price appreciation trends over the next few months. The FHFA’s proposal said the regulator planned to use the “expanded data” house price index that the agency has published since 2011 to ...
Hatteras Financial has ramped up its efforts to acquire jumbo mortgages and plans to issue a jumbo mortgage-backed security before the end of the year, according to officials at the real estate investment trust. “Our portfolio plus commitments of jumbo [adjustable-rate mortgages] today is estimated to be about $258 million, so we’re making progress and nearing scale where we can consider securitization,” Benjamin Hough, Hatteras’ president and COO, said this week ...
The Consumer Financial Protection Bureau is considering revising income documentation standards to help borrowers that have nontraditional sources of income, according to Richard Cordray, the director of the agency. At a hearing last week by the Senate Committee on Banking, Housing and Urban Affairs, Sen. Mark Warner, D-VA, raised concerns about the income documentation standards included in Appendix Q of the CFPB’s ability-to-repay rule. Non-agency lenders ...
Parkside Lending recently “re-introduced” a non-qualified-mortgage product aimed at financing for investment properties. The lender said the “new and improved” Parkside Collateral Loan is available via the wholesale channel. Parkside said there is no borrower-related debt-to-income ratio calculation for the product. Instead, qualification is based on the property DTI ratio with a maximum of 90 percent. The loan allows for credit scores as low as ... [Includes three briefs]
In a statement, company CEO William Shepro said of new clients: “…our sales pipeline is strong and we are in varying stages of discussions with larger prospects.”
The mortgage market cranked up new originations significantly during the second quarter of 2015, lifting production to its highest level in nearly two years, according to a new analysis and ranking by Inside Mortgage Finance. Lenders produced an estimated $445 billion of first-lien single-family mortgages during the second quarter, an increase of 23.6 percent over the first three months of 2015. It marked the strongest origination volume since the second quarter of 2013, when the industry was in the middle of a refinance boom that generated over $2 trillion in new production over a 12-month period. The party this time around doesn’t look...[Includes two data tables]
Several large servicing portfolios of $1 billion or more hit the market in the past few weeks, but dealmakers and investors continue to wonder about the largest prize of them all: RoundPoint Mortgage, Charlotte, NC, which owns roughly $52.18 billion of receivables and ranks among the top 25. Investment banking officials who claim to have knowledge of the RoundPoint situation maintain that its owner, The Tavistock Group, is hell-bent on selling the nonbank, but as far as coming to final terms with a buyer, any buyer, that’s a different matter. It’s...
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