Fix-and-flip lending recovered in 2021 from a pandemic-led slowdown the previous year. Originations of short-term loans shot up nearly 75% on an annual basis. (Includes data chart.)
Are secondary market non-QM buyers getting choosier about the paper they buy in a rising interest rate environment? In some cases, the answer is yes. Then again, who can blame them.
Bank and thrift holdings of first-lien mortgages increased in the first quarter of 2022. Meanwhile, Wells Fargo and JPMorgan trimmed their portfolios. (Includes data chart.)
Turmoil in the secondary market regarding prices paid for expanded-credit loans may be feeding job cuts at Sprout Mortgage. It’s hard to say, though. The New York-based company is keeping a low profile.
FoA, which has been creeping into the expanded-credit sector in recent years, including fix-and-flip loans, is looking for a new CEO. The company became a public entity roughly 15 months ago.
What does the CEO of a publicly traded fix-and-flip lender earn? About $1 million a year in pay and stock. Then again, there’s only one such firm: Sachem.
No channel was immune to the downturn in jumbo originations in the first quarter of 2022, but the retail channel suffered the least. There were also wide variations at the lender level in originations trends. (Includes data chart.)
Kroll Bond Rating Agency published a report focusing on mortgages originated by CDFIs and their inclusion in non-agency MBS. The Change Company defended its practices while Quontic Bank stopped offering “no ratio” loans.
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