Mat Ishbia, chairman and CEO of United Wholesale Mortgage, suggested that competition from nonbanks is helping to push banks out of the mortgage market.
The MBA cautioned that a ruling by the Fourth Circuit against PHH Mortgage departed from standard practices and could have wide-ranging harmful impacts for lenders.
KBRA said home-improvement ABS are performing better than securitized unsecured consumer loans with similar borrower credit characteristics, but worse than securitized prime auto loans.
Issuance of home-improvement securitizations came in at $3.5 billion in 2023, according to Kroll Bond Rating Agency. Some of that volume was in privately-rated deals that haven’t been disclosed to this point.