MFA Financial reported a loss in the second quarter of 2023 even though the REIT saw strong growth in business-purpose lending.

On completion of the merger, AGMIT and WAMC will have a combined investment portfolio of $5.7 billion, largely made up of non-agency mortgages.

Following a brief pause on acquiring new loans, the REIT affiliated with Angel Oak Companies plans to increase its securitization output.

Real estate investment trusts are merging as the market begins to shift amid changes to capital requirements for banks.

An effort by big banks to prop up First Republic Bank triggered downgrades by rating services and only temporarily paused the decline in the bank’s share price. The bank is considering various strategic options.

Holdings of first-lien mortgages at banks and thrifts increased by nearly 10% in 2022. First Republic Bank stood out with a nearly 30% increase. (Includes data chart.)

Among a group of 20 prominent nonprime servicers, portfolio balances increased by 0.3% during the fourth quarter of 2022. Prepayment rates on non-QMs are low and delinquencies are rising.

Jumbo servicing portfolios at many of the largest firms in the sector increased in both the fourth quarter and on an annual basis. Low prepayment rates helped to keep loans in portfolio. (Includes data chart.)

Efforts by the MBA and other industry participants to get the California Supreme Court to overturn a lower court’s ruling failed near the end of December. Servicers in the state are now limited on the amount default interest they can charge.

Depositories grew their first-lien portfolios during the third quarter. JPMorgan was the only bank among the top 10 to report a sequential decline. (Includes data chart.)