The three servicers added significant volume to their portfolios thanks to the surge in non-agency MBS issuance during the second quarter of 2021. The performance of securitized loans also continues to improve. (Includes data chart.)
The nonbank was able to increase its income during the second quarter with a focus on business-purpose loans. Resolutions of NPLs generated income and originations increased.
The offerings in the non-agency MBS market range from deals backed by prime jumbo mortgages to investment-property loans that were eligible for sale to the GSEs to non-QMs.
Angel Oak’s REIT sees income decline; Zillow and LendingHome issue securitizations; non-agency forbearance level; Pretium adds director from Goldman Sachs.
JMP said it sounds like “these actions” by the GSEs “primarily targeted nonbank wholesale channel lenders, of which UWM [United Wholesale Mortgage] and HMPT are among the largest.”
The two restaurant chains will use the ABS proceeds to largely pay down their previous deals. The Taco Bell issuance received a higher rating than Hooters.
Even though FEMA is not directly responsible for oversight of compliance with flood insurance program requirements, the GAO has suggested Congress prompt FEMA to act.