CoreVest issued a securitization involving bridge loans for residential properties; a prime non-agency MBS issued by JPMorgan Chase in 2018 is on watch for a downgrade.
Non-agency forbearance increases; personnel moves at Deephaven, Wells Fargo and Quontic; new non-agency MBS; a jumbo mortgage symposium; PCMA loosens standards for jumbo product.
Citadel rebrands as Acra Lending; minimal non-agency MBS downgrades following review by Fitch; non-QM impairments decline; non-agency forbearance down slightly.
Four deals were brought to the market in the past two weeks and more are in the works. However, issuance will slow as the recent activity was backed by loans originated before non-QM lenders halted production.
Certain non-QM lenders’ underwriting tactics might not meet the CFPB’s ability-to-repay rule, according to Moody’s. It suggested tighter standards for bank statement mortgages and loans to the self-employed.
While 12 firms are deemed as acceptable by Fitch Ratings to review loans in MBS rated by the agency, two firms, SitusAMC and Clayton, handled nearly all reviews in recent years.