There’s a new program focused solely on a borrower’s business bank statement and a second-lien offering where non-QM borrowers can take cash out without refinancing.
Delinquencies on non-QMs increase again; Altisource hires COO for non-agency effort; DBRS adds Verity Global Solutions as an acceptable due-diligence provider.
Non-agency MBS issuance perked up in early January as investor demand improved. Redwood Trust offered a jumbo MBS after a year-long lull in issuance and expanded-credit MBS issuers priced deals at tightening spreads.
The impairment rate on securitized non-QMs posted its largest one-month jump in November since the early days of the pandemic. Hurricane Ian was a factor.
In October, new standards for qualified mortgages took effect. It turns out that a provision in the final rule also applies to non-QMs, which could limit originations of loans where lenders look at only a small number of a borrower’s bank statements.
Nonprime REIT Angel Oak Mortgage is redoing some of its warehouse facilities, ending one line and increasing another. The goal: to buy time in a turbulent market.
The model will help stakeholders predict prepayments on both their current portfolios and future purchases for both mortgage-backed securities and whole loans.
If lenders want to set themselves apart in an increasingly competitive purchase market, they will have to become experts in the non-QM space, according to officials at Deephaven Mortgage.