Despite a drop in jumbo originations, servicing portfolios at many shops increased during the third quarter. Top-ranked Wells Fargo saw its jumbo servicing portfolio go up by less than 1%, while second-ranked Chase did slightly better at 2.6%. (Includes data chart.)
Credit Suisse has a tentative deal to turn over its Securitized Products Group to an investor group led by Apollo Global Management. The deal could include Select Portfolio Services, one of the top nonprime servicers in the industry. (Includes data chart.)
Non-QM impairment rate increases in September; Angel Oak launches ETF with focus on non-agency MBS investments; new correspondent lender focusing on non-QMs; Go Mortgage offers non-QM construction loan.
An affiliate of Bayview Asset Management is set to issue its first jumbo MBS since December. Loans in the deal have seasoned for an average of 4.5 months and were sourced from a number of lenders.
Distressed borrowers with subprime mortgages in states with a judicial foreclosure process achieve non-foreclosure outcomes at a higher rate than similar borrowers in states that don’t have a such a process, according to findings from a new paper.
Non-QM impairments decline after two-month increase; Balbec unit offers non-QM MBS with loans from Sprout; new CIO at Redwood; Velocity quickly packages business-purpose loans.
Impairments, which reflect delinquencies and modifications, increased on securitized non-QMs for a second consecutive month. In July, the performance of severely distressed borrowers also worsened.
Among the top 15 servicers of nonprime mortgages, portfolios increased slightly in the second quarter. Delinquencies, meanwhile, improved. (Includes data chart.)
Among the top 30 jumbo servicers, portfolios increased during the second quarter. Servicing declined at top-ranked Wells and increased at nearly all others in the top 10. (Includes data chart.)
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