Lenders that made significant investments in technology in recent years reported better metrics than other players in several areas, such as origination costs and productivity.
Rep and warrant insurance, which covers corporate functions and not loan-level issues, has increasingly been used in mergers and acquisitions outside of the mortgage industry.
Close to 40% of loans in a planned non-QM MBS from Starwood Non-Agency Lending are subject to COVID-19-related forbearance. The relief rate on a deal from Verus Mortgage Capital is 7%.
The warning from Fitch is somewhat unusual because the rating service has assigned ratings to only one ABS from a marketplace lender: Prosper Funding in 2018.