Private MIs reported a 19.6% drop in purchase-mortgage business during the first quarter, which still accounted for 64.8% of their new insurance written for the period.
At issue: the new QM standards were drafted when the CFPB was under the leadership of Republican Kathleen Kraninger, who was appointed during the Trump administration.
Additional non-agency MBS with GSE-eligible mortgages for investment properties are expected due to new limitations on Fannie/Freddie acquisitions of such loans.