Vista Point Mortgage received an assessment by S&P, which suggests the firm is aggregating non-QMs with plans to contribute to non-agency MBS. The firm was founded by the former president of Impac Mortgage.
After halting its main non-qualified-mortgage program due to procedural issues, Sterling Bank and Trust is planning new products with tighter underwriting standards.
Redwood is prepping a large prime non-agency MBS while Quicken issued its second deal. Seer Capital has an expanded-credit product in the works and Velocity a small-balance commercial loan deal.
FDIC eases disclosure standards for non-agency MBS; industry seeks delay in revisions to risk-retention requirements; MBA wants NCUA to follow bank regulators on non-agency appraisal standards; Maxex touts trading volume; A&D Mortgage using LoanScorecard.
The CFPB is considering eliminating the DTI ratio metric when determining the QM status of a mortgage and instead basing the designation on the interest rate. The proposal was met with mixed reactions.
At least eight expanded-credit MBS rated by DBRS Morningstar suffered losses in the second half of 2019. Investors, though, were protected due to high credit enhancement levels.
After a lull in December, issuers are bringing non-agency MBS to the market. Redwood Trust is planning a deal with seasoned mortgages while New Residential has an expanded-credit MBS.