Originations at Velocity Financial increased in the first quarter despite an increase in interest rates. The lender’s income declined, though much of the drift was tied to a refi of corporate debt that could be beneficial in the long term.
Issuers of expanded-credit MBS stocked deals with $14.10 billion of volume in the first quarter of 2022, a record for the sector. A rise in interest rates helped to increase securitization activity. (Includes three data charts.)
Redwood’s profit took a hit in the first quarter, with non-agency mortgage aggregation and loan sales slowing amid a rise in interest rates. Still, officials at Redwood were happy with the REIT’s performance.
Arch Mortgage Funding quietly acquired a small number of jumbo mortgages last year and expanded into acquisitions of non-QMs this month. Prior to the non-QM announcement, Arch Capital Group said little about the conduit.
Annaly Capital Management is working to increase its aggregation of non-agency mortgages. The company generated returns in the mid-teens from the activity in the first quarter.
Some issuers of non-agency MBS are stocking deals with mortgages that have seasoned for an average of about one month while others are still offloading mortgages that were originated prior to the runup in interest rates.
While non-agency MBS issuance was essentially level in the first quarter of 2022, there was some movement among servicers in the sector. Servicing activity at Cenlar and UWM dropped, while Shellpoint and smaller servicers increased their market share. (Includes data chart.)
Saluda Grade stocks non-agency MBS with second liens from Spring EQ; Futures Financial launches business-purpose lending operations; Knock Lending offering jumbos; Angel Oak partners with blockchain platform.
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