After increasing in March, April and May, the delinquency rate on securitized non-QMs declined in June. Now servicers are grappling with forbearance plans that are expiring.
Production of higher-priced conventional mortgages increased in 2019, though the loans still have a relatively low market share. The top lender was a firm that focuses on loans for manufactured housing. (Includes two data charts.)
Delinquencies and loan modifications on non-agency mortgages increased in May, but at a slower rate than the sharp increase in April. Delinquencies are much higher on non-QMs than jumbos.
United Wholesale Mortgage reached the top spot by more than doubling its sales of jumbo mortgages during 2019. Banks purchased nearly 60% of jumbos sold during the year. (Includes data chart.)
California, already the largest state in terms of jumbo originations, increased volume by 50% in 2019. Overall, jumbo originations increased by 37% last year. (Includes data chart.)
Interest-only loan production dropped nearly 25% in 1Q. Meanwhile, the share of IOs originated in areas vulnerable to storms is increasing. (Includes data chart.)
For the first time in years, the amount of jumbo mortgage servicing outstanding declined on a quarterly basis. Looking forward, forbearance requests are a key issue. (Includes data chart.)
The jumbo market was humming along at the start of the year until volatility from the coronavirus disrupted lending in March. Originations of jumbos declined sharply and the sector lost market share. (Includes data chart.)
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