Saluda Grade has announced new funding for its HEI business and is set to issue a HELOC securitization.

A judge determined that Change Lending will be able to provide loans as a certified CDFI until at least December.

“I think a lot of companies bet late last year and early this year that rates would be materially lower by now than they are,” said Brian Hale, CEO and founder of Mortgage Advisory Partners.

Expanded-credit mortgages accounted for 2.5% of total first-lien originations in the second quarter.

The MBS is top-heavy in loans from California, Florida, Georgia and North Carolina...

The rise in expanded-credit originations in the second quarter aligned with overall trends in the mortgage market. (Includes data chart.)

A temporary restraining order against the CDFI Fund’s notice of revocation has resulted in Change Lending regaining its status as a community development financial institution.

Production of adjustable-rate mortgages increased by 25% from the first to the second quarter. However, the overall share of ARMs declined. (Includes data chart.)

The new in-house home equity investment origination platform will operate through Redwood’s correspondent channel and a direct-to-consumer originations platform.

After finding success in the agency space, lenders are testing buydowns in the non-QM market.