The non-agency market, which is dwarfed in size by agencies, saw $3.0 billion in securities change hands on a daily basis in March, the strongest reading since June of 2018.
One of the stipulations of the sale is that the buyer of the package cannot attempt to refinance the loans for at least 24 months – an indication the seller could be a wholesaler.
So far, five major banks — Wells Fargo, JPMorgan Chase, Bank of America, U.S. Bancorp and Citigroup — have reported first-quarter results, including limited details about home lending. The bottom line: mortgage lending suffered at most, but not all.