Some issuers of non-agency MBS are stocking deals with mortgages that have seasoned for an average of about one month while others are still offloading mortgages that were originated prior to the runup in interest rates.
While non-agency MBS issuance was essentially level in the first quarter of 2022, there was some movement among servicers in the sector. Servicing activity at Cenlar and UWM dropped, while Shellpoint and smaller servicers increased their market share. (Includes data chart.)
Saluda Grade stocks non-agency MBS with second liens from Spring EQ; Futures Financial launches business-purpose lending operations; Knock Lending offering jumbos; Angel Oak partners with blockchain platform.
Prime non-agency MBS issuance declined by nearly 20% on a sequential basis in the first quarter of 2022. However, loanDepot nearly doubled its activity in the market during that span. (Includes three data charts.)
Originations of jumbo mortgages increased at First Republic Bank despite rising interest rates. Officials at the bank said a number of factors led to the nearly 20% increase in originations during the January-March cycle.
Correspondent sales of jumbo mortgages to unaffiliated buyers more than doubled in 2021, with Guaranteed Rate leading the pack. (Includes two data charts.)
Originations of jumbo mortgages shifted somewhat toward the correspondent channel during the fourth quarter of 2021, helped by JPMorgan Chase and Wells Fargo. (Includes data chart.)
Six expanded-credit MBS hit the market in the past two weeks, including the largest deal since COVID upended the sector. Activity is much slower in the space for prime jumbos and GSE-eligible investment-property loans.
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