Facing criticism that the new qualified-mortgage standards could sharply reduce ARM originations, the CFPB said lenders did not provide convincing data during the comment period.
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.
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