The jumbo sector bucked trends in the broader mortgage market, with a 3.1% increase in origination volume in the second quarter. A handful of banks sharply increased their jumbo lending during that period. (Includes data chart.)
Non-agency business-purpose lending is paying off for Velocity Financial. The firm turned a profit in the second quarter despite a decline in originations.
Angel Oak Mortgage suffered widening losses in the second quarter amid weak demand in the secondary market for non-QMs. Still, officials at the REIT suggest that things are looking up.
Among the top 30 jumbo servicers, portfolios increased during the second quarter. Servicing declined at top-ranked Wells and increased at nearly all others in the top 10. (Includes data chart.)
Altisource Asset Management is acquiring bridge loans and plans to add non-agency debt service coverage ratio mortgages to its mix as it transitions from asset management to an originator of non-agency loans.
For the first time since May, a non-agency MBS with GSE-eligible mortgages for investment properties hit the market. And Change Lending switched products with its latest offering, focusing on mortgages with income verification. Overall, issuance remains slow.
Angel Oak settles with SEC on misreporting of delinquencies on fix-and-flip securitization; Sachem increases profits and originations in second quarter; LendSure launches five- to eight-unit DSCR product; rating services add firms to lists of acceptable due diligence providers.