A proposal by the FHFA regarding capital requirements could help non-agency execution options better compete with the GSEs due to an expected increase to the guarantee fees charged by Fannie and Freddie.
MFA was one day away from pricing its first non-QM MBS in March when volatility from the coronavirus struck. Result: deal scuttled but there's a happy ending: the REIT finally issued its first non-QM MBS this week.
The ARM and IO share of loans in expanded-credit MBS increased in the second quarter. The volume of loans produced through the correspondent channel and for investor properties declined. (Includes three data charts.)
GSE business in various noncore categories increased during the second quarter as lenders turned their focus to agency business. (Includes data chart.)
The REIT’s aggregation of non-agency mortgages typically dwarfs its business-purpose lending activity, but that wasn’t the case in the second quarter of 2020.
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