A handful of GSE-eligible mortgages in Goldman's deal have loan-to-value ratios greater than 80% and private mortgage insurance, which is uncommon for loans in non-agency MBS.
United Wholesale Mortgage was the top originator of prime mortgages securitized in non-agency MBS in 2019. Underwriting characteristics for the sector loosened modestly.
The bureau’s plan to replace the QM patch could reduce the volume of mortgages that flow into the non-agency market, according to analysts. The CFPB is working to avoid disruption to GSE-eligible originations.