Expanded-credit mortgages and business-purpose lending are set to play a bigger role in Redwood’s operations. Third-party investments also generated strong returns for the REIT in the fourth quarter.
This week, Annaly, the Change Company, Credit Suisse and Lone Star Funds all offered their second individual expanded-credit MBS of the year. Activity is also humming along in the prime non-agency market.
Fitch’s review of 225 non-agency MBS prompts downgrade of a single tranche; Unison issues securitization with residential equity agreements; Carrington offers to complete certain non-QM origination tasks for brokers.
A $732.6 million ABS tied to music royalties closed this week. Other esoteric ABS in the market include healthcare-related financing, shipping container leases and property tax liens.
In January, the GSEs took in a significant volume of mortgages with balances greater than the baseline conforming loan limit for 2021. Note: A number of lenders had given themselves a head start on 2022 loan limits.
Black Knight: "The decline in serious delinquencies has been slower than might be expected given the large number of borrowers who have exited forbearance"...