Eddy Perez, president of Equity Prime Mortgage in Atlanta reports yes, applications are slowing but he’s hardly worried “because we’ve been working on outsourcing and analyzing all our data for the eventual slowdown that will create a margin crunch.”
loanDepot’s IPO fizzled last week. This week, the nonbank’s stock price was up sharply even before the company reported $547.2 million in net income for the fourth quarter.
Some non-QM lenders weathered market volatility in March 2020 without halting production while others took a few months off. Now, two of the top players in the sector are ready to increase production.
Moody's: “This deal is unique in that the source of payments for the notes will be JPMorgan Chase Bank’s own funds, and not the collections on the loans or note proceeds held in a segregated trust account."
In mid-January, Charles Scharf, president and CEO of Wells, had indicated the bank was ready to resume activity on correspondent basis, but was noncomittal.
CFPB's acting director said more attorneys are needed to achieve his goal of "vigorous oversight of all applicable federal laws and the fullest utilization of our legal authorities."