No channel was immune to the downturn in jumbo originations in the first quarter of 2022, but the retail channel suffered the least. There were also wide variations at the lender level in originations trends. (Includes data chart.)
The decline in jumbo production in the first quarter largely tracked the overall drop in mortgage originations. Many banks kept their underwriting standards for the loans unchanged while demand decreased. (Includes data chart.)
Trends varied among the largest servicers of jumbo mortgages in the first quarter. Portfolios increased overall while the top two jumbo servicers reduced their portfolios. (Includes data chart.)
LendSure launches prime jumbo offering; online marketplace Morty offers jumbos; Point completes Series C funding round; Sachem Capital’s earnings and originations flat in first quarter.
Redwood’s profit took a hit in the first quarter, with non-agency mortgage aggregation and loan sales slowing amid a rise in interest rates. Still, officials at Redwood were happy with the REIT’s performance.
The rejection rate on applications for non-agency jumbo mortgages declined for both purchase mortgages and refis in 2021. One top lender had a denial rate of less than 1.0%. (Includes data chart.)
Arch Mortgage Funding quietly acquired a small number of jumbo mortgages last year and expanded into acquisitions of non-QMs this month. Prior to the non-QM announcement, Arch Capital Group said little about the conduit.
Annaly Capital Management is working to increase its aggregation of non-agency mortgages. The company generated returns in the mid-teens from the activity in the first quarter.
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