Retail-originated loans single-handedly boosted the jumbo market in the second quarter. Halfway through the year, retail loan production accounted for 86% of jumbo volume among a large group of lenders. (Includes data chart.)
Wells Fargo is set to issue its first expanded-credit MBS. Loans in the deal have seasoned for an average of 15 months and other issuers are prepping MBS with somewhat seasoned mortgages.
The majority of loans in Goldman's MBS were included in deals issued in 2017 and 2018 that were subsequently collapsed. Angel Oak, Chase and MFA also issued MBS within the past two weeks.
A new analysis of HMDA data provides some insight on borrowers who received jumbo mortgages last year. The median property value securing jumbos originated: A cool $1.17 million.
Jumbo lending increased by 22.5% in the second quarter but the sector lost market share as borrowers flocked to refinance agency mortgages. Wells Fargo remained the top-ranked jumbo lender by a small margin. (Includes data chart.)
Servicing balance for jumbo mortgages fell in 2Q20 among a group of 30 servicers tracked by this newsletter, including the top three in the industry. (Includes data chart.)
Non-agency forbearance increases; prices for luxury homes fluctuate; PCMA sees strong interest in new non-QMs; Angel Oak and Citadel offer loans underwritten with 12 months of bank statements; former Redwood Trust president moves on to rent-to-own provider.
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