Many applications for non-QMs don’t make it to closing due to documentation issues that could possibly have been easily addressed, according to an analysis by a due diligence provider.
Noting strong demand for non-agency MBS, issuers are getting creative with the types of loans they package into deals. JPMorgan, Credit Suisse, Angelo Gordon and Goldman Sachs are all entering new sectors.
Will the FHFA trim cash-out refis by Fannie Mae and Freddie Mac? For now, all is quiet on the topic. In other news: HUD ushered in new regulatory changes for FHA condo financing, making it easier for borrowers and lenders.
As most mortgage bankers know, recessions are generally good for the industry because rates plunge and originations spike. The tricky part is dealing with borrowers who face employment loss…
Credit Suisse is entering the non-QM MBS market, sourcing loans from a lender that previously contributed to deals from Western Asset Management Company.
First Republic Bank is the top contributor to the MBS, with a 27.1% deal share. Other lenders with mortgages in the MBS include Banc of California, loanDepot and Nationwide Bank. The loans have seasoned for an average of 18.7 months.