The issuance of prime non-agency MBS doubled from the second to the third quarter. United Wholesale Mortgage contributed close to 25% of the securitized loans during the period. (Includes two data charts.)
Redwood locked $2.1 billion of jumbos during the third quarter though it only acquired $176 million. The REIT is issuing MBS and selling loans to banks.
Some $1.64 billion of expanded-credit MBS and $1.06 billion of prime non-agency MBS hit the market in the past two weeks. The expanded-credit deals were stocked with older loans.
Maxex has aggregated more than $10 billion worth of product between its founding in 2016 and September of this year. More than $3 billion flowed through the firm’s exchange in the third quarter alone.
Originating non-QMs didn’t work out so well for Sterling Bank. After finding compliance issues, the bank ended its non-QM program and started to repurchase loans sold into MBS.
Imperial Fund, an affiliate of A&D Mortgage, issued its first non-QM MBS this week. Loans in the deal are concentrated in Florida and more than 15% went to foreign nationals or non-resident aliens.
Galton has issued more than $1.0 billion in expanded-credit MBS since the start of 2019. Western Alliance will place Galton within its warehouse lending unit.
The Goldman deal includes some mortgages eligible for sale to the GSEs while many of the mortgages in the new Wells MBS received exterior-only appraisals.
Ocwen settles lawsuit with Florida AG; non-agency forbearance increases; non-QM MBS pipeline filling up; Angel Oak offers 40-year IO; new non-QM lender in the market.
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