Non-agency lenders are waiting for a decision from the CFPB on standards for qualified mortgages. The CFPB wants to extend the QM patch, though the Trump administration threw a wrench in that plan.
Non-agency originations of higher-priced mortgages declined by 35% on an annual basis in 2020. The higher-priced designation is a proxy federal regulators use for subprime mortgages. (Includes two data charts.)
After focusing on fix-and-flip lending in Connecticut for years, Sachem Capital is now lending in 10 states. The lender recently completed debt sales to fuel its growth.
CSBS scaling back proposed standards for large nonbank servicers; SFA offers disclosures for non-agency MBS performance; non-agency forbearance increases; non-agency mortgage conduit launches; Redwood invests in finance company involved in SFR/bridge lending; PCMA expanding geographically.
An effort by the CFPB to delay the end of the QM patch is causing uncertainty for non-agency lenders. A coalition of lenders and consumer advocates said the CFPB shouldn’t move forward with the proposal.
Residential lending with loan terms of three years or less declined by nearly 30% on an annual basis in 2020. LendingHome topped lenders in the fix-and-flip and bridge loan sector. (Includes data chart.)
Two non-agency MBS issued in March included a significant number of loans that didn’t receive full appraisals due to GSE policies. Rating services penalized the collateral by increasing assessed LTV ratios.
CSBS moving forward with servicing standards for nonbanks; A&D launches jumbo with new QM standards; Angel Oak Commercial Lending expanding into wholesale; Redwood adds Faith Schwartz and Armando Falcon to its board.
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