Wells Fargo stopped originating jumbos through the correspondent channel and few lenders moved to pick up the slack. Meanwhile, the retail channel gained market share. (Includes data chart.)
First-lien holdings at banks increased somewhat in the first quarter of 2023. And recent bank failures led to portfolios changing hands. (Includes data chart.)
The share of no- or sub-ratio loans in the DSCR space rose to 43.7% in the first quarter of 2023, according to DBRS. A ratio of less than 1.0 indicates monthly rent doesn’t fully cover loan payments.
The lender’s lawsuit alleges that a former account executive took private broker information from the company’s database and broke the lender’s noncompete clause.
Surge of non-agency MBS hits market; Redwood partners with Oaktree on business-purpose loans; A&D Mortgage launches second-mortgage product; former First Republic CEO appointed to lead Turkey’s central bank.