Originations of expanded-credit mortgages increased by 2.5% in the third quarter on a sequential basis. But the sector lost market share as lenders continued to focus on GSE refis. (Includes data chart.)
In the twilight of the Trump administration, the FHFA is taking steps that could make the non-agency market more competitive with the GSEs. A Democrat in the White House could mean otherwise.
Proposed standards by state regulators for nonbank servicers could cause problems for smaller firms, according to industry attorneys. But state regulators defended the proposal ahead of the comment deadline.
Select Portfolio Servicing gained ground during the third quarter but Shellpoint Mortgage Servicing remained the top servicer of non-agency MBS. (Includes data chart.)
Three deals hit the market late last week. Chase issued a jumbo MBS backed by fresh loans while two other issuers packaged investment-property mortgages.
Velocity resumed lending in September, predicting that production could hit pre-pandemic levels by the second quarter of 2021. The nonbank also took a large charge-off in the third quarter.