Overall, 7.25 million shares of Velocity will be offered to the public.

The bureau could grant a short-term extension of the QM patch pending the rulemaking.

The non-QM lender is now offering bridge loans with amounts of up to $3.0 million.

Redwood also revealed deferred stock units/awards to its five most senior executives. Abate will take home $1.875 million in DSUs, Robinson, $2.25 million.

Mortgages in the pending deal have seasoned for an average of more than four years. The collateral has no delinquencies...

“They’re buying loans, not originating,” said Gordon Albrecht, EVP of FCI Lender Services, the nation's largest hard-money subservicer.

A company official explained that the new S-3 filing with the Securities and Exchange Commission is a successor document to one expiring at yearend.

In 3Q19, the top ARM lenders were Wells Fargo with $8.28 billion, Bank of America ($7.67 billion), and JPMorgan Chase ($5.43 billion).

Based in Irvine, the privately held lender/servicer services roughly $3.6 billion in loans.

The biggest wildcard for the sector: The Consumer Financial Protection Bureau’s handling of the QM patch...