The Loan Store launches HELOC product; LendingPros debuts condotel financing solution; Carrington Mortgage introduces 40-year fixed-rate terms for non-QM products; RenoFi partners with TruStage for after-renovation-value HELOCs; WAMC merges with Terra Property Trust; UWM announces four new bank statement loan options.
Annaly Capital Management plans to increase dedicated capital for its residential credit business with an emphasis on taking banks’ expanded-credit loans.
The CFPB has established new reporting requirements on loans for small businesses. Investment-property loans already reported under HMDA are exempt from the new standards.
First Republic’s servicer rating downgraded; Moon Mortgage offering jumbos with qualification based on cryptocurrency holdings; DBRS adds due diligence provider to “acceptable” list; Utah loosens age requirement for proprietary reverse mortgages.
The bank has been addressing fraud in its non-QM program since late 2019. The cleanup has involved fines, settlements, buybacks and the departure of more than 100 officers and employees.
Altisource Asset Management is now originating bridge loans and non-agency mortgages for investment properties. The firm has agreements to sell whole loans to insurance companies and asset managers.
The non-QM share of Impac’s originations increased significantly in 2022. Still, its margins declined due to competition among lenders for non-QMs and weak demand for the loans in the secondary market.