Secondary market prices are firming up for non-QM whole loans, but there is chatter among investors that early-stage delinquencies are on the rise. A blip on the radar screen or something else?
MSR buyers? The field is getting crowded and PE-backed investors continue to be aggressive. Even Guild Mortgage is open to the idea of buying, but only if the situation meets its parameters.
Flagstar’s warehouse business was left unscathed by the recent loss at its parent, NYCB. However, it doesn’t take much to make a nonbank feel queasy when the unexpected happens at one of its financiers.