Acquisitions of non-agency mortgages increased and income declined during the second quarter at MFA Financial. The REIT is putting an emphasis on business purpose loans.
The nonbank was able to increase its income during the second quarter with a focus on business-purpose loans. Resolutions of NPLs generated income and originations increased.
Angel Oak’s REIT sees income decline; Zillow and LendingHome issue securitizations; non-agency forbearance level; Pretium adds director from Goldman Sachs.
The real estate investment trust’s income from the aggregation of jumbo mortgages dropped while its business-purpose lending segment flourished. Margins on jumbos took a hit due to competition in the sector.
Chase was the most active player in the non-agency MBS market in late July, with deals involving jumbos, investment-property mortgages and a risk-sharing transaction.
More than a year after volatility from the coronavirus disrupted operations for many non-QM lenders, new products are being launched and underwriting standards are being relaxed.
Sales of homes to investors hit a record in the second quarter. Interestingly, the surge is happening as the GSEs cut back on investment-property loan acquisitions.
Non-agency forbearance increases; Sachem inks $200 million repo line; review of risk-retention requirements extended; Angel Oak plans to expand its digital capabilities; Liquid Mortgage receives patent; Home Diversification Corp. for sale.
Mortgage production increased by 26% in the second quarter on a sequential basis at the jumbo-focused First Republic Bank. And lock volume declined by 15% at Redwood.
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