Originations of non-QMs by Impac fell in the second quarter as the lender increased production of GSE refinances. However, officials at the nonbank stress that non-QMs remain an important part of Impac’s business.
Quicken increased its contributions to prime non-agency MBS this year, including $619 million of loans going into deals issued in the second quarter. Characteristics of the deals were largely unchanged.
Moody's proposes a new way of treating private MI for loans included in non-agency MBS; Angel Oak launches a pre-qualification tool; Sachem's earnings down in 2Q; more
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…