The Goldman deal includes some mortgages eligible for sale to the GSEs while many of the mortgages in the new Wells MBS received exterior-only appraisals.
The Conference of State Bank Supervisors said the new proposed standards for nonbank servicers will not only align with federal guidelines but also widen the net to include servicing of non-agency mortgages.
Ocwen settles lawsuit with Florida AG; non-agency forbearance increases; non-QM MBS pipeline filling up; Angel Oak offers 40-year IO; new non-QM lender in the market.
Fitch has downgraded 37% of the airline ABS it rates. Kroll and S&P also recently conducted sweeping downgrades. The rating services said air travel isn’t expected to recover until 2023 at the earliest.
Sterling Bank has offered to buy back all non-QMs after uncovering various problems with its lending program. Between May and July, the bank repurchased loans from five MBS, taking a loss.
To address capacity constraints amid the refi boom, lenders are using overtime and hiring temporary workers. One concern is that extended use of overtime reduces morale among employees.