The nonbank is set to have a $1.1 trillion portfolio as of the end of March.

ARMs accounted for less than 1% of prime non-agency MBS issuance in 2023.

Rep. Maxine Waters, D-CA, reintroduced a package of bills aimed at affordable housing.

Refis accounted for 15.0% of Ginnie issuance in January compared with a 14.7% share the previous month.

The loss largely looks to be tied to losses on derivatives, which amounted to $2.30 billion in the fourth quarter.

The vast majority of FHA originations end up in Ginnie Mae mortgage-backed securities.

“Regional banks would usually balance sheet a lot of [non-QM] borrowers, but they’re contracting due to their risk exposure,” said Samuel Bjelac, the new senior vice president, national sales, third-party originations, at Carrington Mortgage Services.

Legislation to limit trigger leads was introduced in the House with bipartisan support.

Issuance in 2022 was helped by lingering loans from the refinance wave while mortgage originations were down sharply in 2023.

NYCB recently took unexpected losses on its commercial lending and passed an asset threshold that prompts increased scrutiny by federal regulators.