The Mortgage Industry Standards Maintenance Organization has released a standardized template to facilitate the bidding process for MBS between mortgage originators and dealers for Bids Wanted in Competition.
Originations of non-agency jumbo mortgages declined by 34.8% from the second to the third quarter, driven by rising interest rates. The decline in the jumbo sector was largely in line to trends in the mortgage market. (Includes data chart.)
Despite a drop in jumbo originations, servicing portfolios at many shops increased during the third quarter. Top-ranked Wells Fargo saw its jumbo servicing portfolio go up by less than 1%, while second-ranked Chase did slightly better at 2.6%. (Includes data chart.)
Stronghill Capital of Austin, TX, has launched a new residential lending division that will focus on non-qualified mortgages, non-agency jumbos and loans for investment purposes. This comes at a time when the rest of the non-agency sector is caving in.
JPMorgan Chase is rolling out its first non-prime mortgage-backed security stocked solely with investment-property loans underwritten using debt service coverage ratios. Chase so far has focused on prime borrowers.