Credit Suisse is entering the non-QM MBS market, sourcing loans from a lender that previously contributed to deals from Western Asset Management Company.

UWM CEO Mat Ishbia: “I’m not a person that believes the expiration of the patch is going to be a major industry event.”

First Republic Bank is the top contributor to the MBS, with a 27.1% deal share. Other lenders with mortgages in the MBS include Banc of California, loanDepot and Nationwide Bank. The loans have seasoned for an average of 18.7 months.

Citadel's competitors include Angel Oak, Caliber Home Loans, Deephaven, Impac Mortgage and other like-minded shops. 

Impac’s return to profitability occurred as the nonbank slashed spending on marketing and reduced staffing levels. The lender spent $2.0 million on business promotion in the second quarter compared to $9.0 million a year ago...

Roughly four years ago, Ocwen Financial employed 10,500 workers worldwide. The firm's headcount is down dramatically since then...

The $569.11 million MBS will be the third deal of the year from Verus with a dollar volume greater than $500 million.

Rep. French Hill, R-AR, wants the QM patch to expire as well. “Allowing Fannie and Freddie to continue loading up on high-debt mortgages because of a temporary loophole has had a harmful effect on the broader housing market,” he said. 

Fannie/Freddie "noncore" loans include conforming jumbos, mortgages with debt-to-income ratios greater than 43%, investor loans/second properties and cash-out refinances...

More than 80% of the loans were in MBS issued in 2016 and 2017 that have since been “collapsed,” according to a report from Fitch Ratings.