Retail lending among lenders in the analysis declined sharply during the first quarter while the correspondent and broker channels posted more modest declines in nonconforming production. (Includes two data tables.)

Short-term mortgages track residential transition loans and fix-and-flip loans. Last year, originations were up 34.6% compared with 2023. (Includes data table.)

Non-agency jumbos accounted for 13.8% of total first-lien originations in the first quarter of 2025, compared with an 11.1% share in the first quarter of 2024. Chase remained the top jumbo producer and Redwood Trust is gaining momentum. (Includes data table.)

The denial rate on applications for jumbo refinances dropped to 22.2% in 2024 from 25.4% in the year earlier, while only 10.3% of jumbo purchase-mortgage applications were turned down. (Includes data table.)

Correspondent sales of jumbo mortgages originated in 2024 increased by more than 60% on an annual basis. The largest sellers were almost all nonbanks, though Chase cracked the top 5 with its deliveries into non-agency MBS. (Includes data table.)

Redwood Trust had a 73% increase in jumbo lock volume for the first quarter, helped by seasoned loans sold by banks.

Impairment rate on non-QMs declines; new issuers of home equity loan securitizations; bank offers new jumbo ARMs via wholesale channel; proprietary reverse-mortgage product from Liberty Reverse Mortgage.

Proponents of the non-agency market see GSE reform as an opportunity to take steps to increase the non-agency share of activity in the secondary market. The Trump administration’s plans for the secondary market remain unclear.

Moody’s affirms assessments on Redwood; Deephaven loosens DSCR underwriting; Dan Perl update; ARDRI acquires expanded-credit lender; new proprietary reverse mortgages from Mutual of Omaha Mortgage.

Tomo said it can save the typical homebuyer $4,000 at closing through the use of its AI underwriting software.