“Issue debt while you can.” That seems to be the mantra of nonbank mortgage lenders and even real estate mortgage investment trusts. The latest sellers: UWM and PennyMac.
What a difference a year can make. Last spring, the REIT was getting margin-called and selling MBS. Today, it’s buying huge mortgage banking franchises.
Last week, word began to leak out that Caliber Home Loans was talking to New Residential Investment Corp. about a deal. Turns out, the sale chatter was true.
SoftBank places a $500 million bet on the digitization of residential finance by taking a stake in Better.com. Also, mortgage earnings season has begun.