Mortgage-related gripes to the CFPB declined by 14% in the third quarter. Loan mods showed the weakest improvement, with complaints down 5%. (Includes two data charts.)
After years of contributing loans to expanded-credit MBS issued by others, AmWest came to market with its own deal in September. Angel Oak ranked second among contributors to EC MBS issued in the third quarter. (Includes three data charts.)
GSE loan limits could go up by 20% next year, reducing the share of loans that could be non-agency jumbos. Even with lenders offering higher GSE loan limits in advance, Redwood hasn’t seen much of an impact.
Non-agency MBS can generate returns in the mid-teens, according to some issuers. Also, a reduction of limitations placed on the GSEs isn’t expected to slow non-agency MBS issuance of GSE-eligible loans.
Originations of non-agency mortgages for residential investment properties increased by nearly 60% in the third quarter at Velocity. The lender also received a record amount of loan applications in October.
Non-agency mortgage lenders face uncertainty as the new CFPB director could choose to revise the QM standards established during the final months of the Trump administration.
Shellpoint was named as servicer on $7.31 billion of non-agency MBS issued during the third quarter. Cenlar, a major subservicer in the sector, is under a consent order with the OCC. (Includes data chart.)