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.)

The fintech expects cost savings tied to the workforce reductions to materialize starting in the first quarter of 2023. Meanwhile, KBW upgraded the company’s stock to market perform.

Analysts expect SoFi’s first consumer loan securitization of 2022 to perform “very well” from a credit quality perspective. The ABS is stocked with collateral seasoned for a longer than usual period.

An MBS stocked solely with home-equity lines of credit; KBRA assigns rating to an $808.2 million CMBS conduit transaction; S&P settles with SEC; a new ETF focused on mortgage assets.

Velocity, like other non-agency originators, is starting to tighten underwriting standards...

The nonbank’s margin plunged to negative 110 basis points in the third quarter, compared to 14 bps in the April-June period and down from 287 bps in the third quarter of 2021.

The real estate investment trust for now is focusing on managing liquidity and protecting its capital structure. Angel Oak Mortgage purchased only $62.4 million of non-QMs in the third quarter.

The business-purpose lender is “intentionally” slowing originations. No big surprise given that the non-agency market overall isn’t doing well.

Two of the deals are backed by investor debt service coverage ratio mortgages. There is also a 100% HELOC transaction in the works.

Another non-agency player assuming a defensive position is Rithm Capital. The firm has cut loan-to-value ratios and tightened underwriting.