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."
Time-based measures of delinquency rates showed slight declines during the fourth quarter of 2020, as did the foreclosure rate, according to Inside Mortgage Finance's large servicer delinquency index.
Angel Oak Companies was the top supplier of expanded-credit mortgages securitized in 2020. Across the industry, volume was down in the fourth quarter and for the full year. (Includes three data charts.)
Wells Fargo is once again buying jumbo mortgages from correspondents. Meanwhile, newly minted public company United Wholesale is set to resume originating the product through brokers.