One caveat: Only the most well-heeled companies came to market, leaving originators with weaker prospects to tap their bank lines or enter into new or amended master repurchase agreements...
Veteran loan broker Michael Foote called it, “Good marketing more than anything, but they’ll just stack the loans and then sell them as soon as the new loans can be delivered…
Chopra’s installation at the CFPB is expected to jumpstart rulemaking and enforcement efforts by the regulator. At his confirmation hearing in March, Chopra said his priorities include scrutiny of how mortgage servicers work with distressed borrowers.
Keith Lind, executive chairman and president of Acra Lending, an early pioneer in the sector, echoed Pallante’s view, noting there’s a new set of investors for non-QMs.
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