The firm launched in 2019 and has issued three unique securitizations this year, including closed-end second liens, home equity lines of credit and bridge loans.
A pilot program launched this year aimed at originating mortgages with balances of less than $100,000 has generated zero loans to this point. Reason: Interest rates on the loans look high.
Non-agency forbearance increases; SFVegas delayed to late July; Maxex offering preferred pricing on jumbos to certain lenders; NewRez non-QM VP opening; PCMA hires VP of direct channel originations.
The Consumer Financial Protection Bureau late this week issued two final rules for qualified mortgages: One replaces the 43% debt-to-income ratio with a pricing threshold and the other creates a seasoned QM category.
The correspondent channel accounted for 5.7% of jumbo originations among a group of major lenders tracked by this newsletter, down from 10.5% in 2Q20. The retail channel gained all of that market share. (Includes data chart.)
With GSE conforming loan limits increasing by 7.4% in 2021, jumbo lenders could miss out on billions of dollars in originations. But there are some opportunities in areas where home prices are rising quickly.
Lenders tightened underwriting standards on non-agency mortgages in March and April, opting to focus on agency refis. But when that business declines, non-agency lending could rebound.
Loans in forbearance decline; non-QM impairment rate falls; non-agency trading booming at Maxex; fix-and-flip lender on track for $1 billion in production; former Ocwen CFO now leading LendingHome.
In the twilight of the Trump administration, the FHFA is taking steps that could make the non-agency market more competitive with the GSEs. A Democrat in the White House could mean otherwise.
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