Non-agency forbearance declines; Redwood staff shrinks in 2020; SFVegas rescheduled; details on due diligence billing.

Jumbo lending increased a scant 2% in the fourth quarter and held steady on an annual basis in 2020. The sector lost a significant amount of market share as agency refi business boomed. (Includes data chart.)

In the span of two days, Chase offered a first-of-its-kind risk-sharing transaction involving non-qualified mortgages and two prime non-agency MBS, including one with a balance of $1.10 billion.

The QM patch was scheduled to end July 1, but the timeline has been delayed as a Biden CFPB considers its options. The bureau might also revoke the newly-created category of seasoned QMs.

Ellington Financial and Credit Suisse are set to issue the first MBS with newly-originated non-QMs since the market was disrupted in March 2020.

The volume of jumbo servicing handled by 30 of the top firms in the sector declined by nearly 6% in 2020. The share of borrowers missing payments is increasing. (Includes data chart.)

After reducing its non-agency investments amid volatility from the coronavirus, Annaly is ready to ramp up activity in the sector. The REIT is acquiring non-QMs and packaging them into MBS.

Non-agency forbearance increases; personnel moves at Deephaven, Wells Fargo and Quontic; new non-agency MBS; a jumbo mortgage symposium; PCMA loosens standards for jumbo product.

Wells Fargo is once again buying jumbo mortgages from correspondents. Meanwhile, newly minted public company United Wholesale is set to resume originating the product through brokers.

The CFPB’s acting director has asked bureau officials to explore options to maintain the status quo on QM standards with less than a month left before the new rule takes effect.