First Republic’s IO holdings had a weighted average loan-to-value ratio of roughly 56%, based on appraised value at the time of origination. The loans have credit scores averaging 762.

Nearly all of the loans in the $264.46 million issuance were originated by Finance of America Mortgage and Finance of America Commercial.

Roughly three years ago, Rushmore – a privately held nondepository – entered the origination market as a direct-to-consumer lender. Prior to that, it had been known primarily as a subservicing specialist.

“The importance in having a well-functioning, transparent and liquid non-QM market is arguably growing by the day,” according to analysts at Keefe, Bruyette & Woods.

Mortgages in the newer deal have seasoned for an average of three months while loans in the other MBS are roughly 15 months old.

Another round of funding for Blend means one of these days the industry vendor will have to go public because all those venture capital funders are going to want a return on their investment. And Blend had better not disappoint...

One California-based broker told IMFnews: “They’ve always had wholesale. They do a decent job – they’re similar to UWM [United Wholesale Mortgage].”

The $377.47 million deal from Waterfall Asset Management marks the second non-agency MBS backed by proprietary reverse mortgages to receive a credit rating since 2007.

In 1Q19, the top three HECM lenders were American Advisors Group, One Reverse Mortgage, and Synergy One Lending. Reverse Mortgage Solutions, which ranked fourth, is in the process of being sold…

In a similar move, FHA is developing a modern, single-technology platform suitable to the emerging digital and paperless mortgage environment. The system will provide lenders with a single port to conduct business from applications to claims, including the ability to track requests throughout the life cycle of the loan, said FHA Commissioner Brian Montgomery.