The CFPB should allow compensating factors to be considered in lieu of a strict 43% DTI ratio limit for determining QM status, according to two separate proposals.
The Alternative Reference Rate Committee detailed how a modified SOFR could be used in place of LIBOR for new ARM originations. It also proposed fallback language to move new ARMs away from LIBOR.
Blackstone it set to issue its first non-agency MBS backed by investment-property mortgages. Most of the loans in the deal were originated by lenders affiliated with Blackstone.
Varde agreed to sell non-QM lender Deephaven to Pretium, an investment manager involved in single-family rentals along with mortgage credit. Transaction details weren't disclosed.
Bank of America overtook Chase and Wells Fargo as the top originator of adjustable-rate mortgages in the first quarter of 2019. The ARM share of total originations also increased slightly.
A number of lenders announced improvements to their investment-property mortgage programs. Verus simplified its offerings, Velocity launched a new product and Civic entered the correspondent channel.
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