CPFB revises methodology for APOR; Fitch downgrades PacWest’s CRT; LendingOne taps ex-Sprout vice president for TPO business; DBRS adds new due diligence provider to “acceptable” list.
Bayview Asset Management and Verus Mortgage Capital separately started marketing non-agency MBS in the days after Hurricane Ian made landfall. Rating services that assessed the deals differed in their focus on potential damage from the hurricane.
Fitch’s review of 225 non-agency MBS prompts downgrade of a single tranche; Unison issues securitization with residential equity agreements; Carrington offers to complete certain non-QM origination tasks for brokers.
Mortgages in the transaction were acquired by Western Alliance Bank on a correspondent basis and will remain on its balance sheet. Risk-sharing deals in the non-agency market are rare and largely involve megabanks.
Issuers of prime non-agency MBS are increasingly removing loans subject to third-party due diligence reviews from the final MBS pools. Kroll Bond Rating Agency said the practice is a slippery slope.