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.
Facing continuous losses, Altisource Asset Management has tightened its underwriting standards. Meanwhile, management at AG Mortgage Investment Trust believes there will be opportunities at both the origination and aggregation level in the non-agency market.
JMP Securities initiates coverage of fix-and-flip lender Sachem Capital; S&P Global Ratings agrees to pay a $2.5 million penalty to the SEC; NYSE approves Impac’s compliance plan.
FirstKey Homes is set to issue an $871.6 million deal backed by loans on 1,827 income-producing properties, while Bridge Single-Family Rental Fund IV Aggregator is prepping its first SRF securitization.
Banks and thrifts continued to see more value in their mortgage servicing rights in the third quarter, while their portfolios increased only slightly. (Includes data chart.)