The amount of jumbo servicing outstanding among a group of 30 firms tracked by INM declined by 1.2% during the third quarter. Three big banks saw their portfolios shrink while First Republic increased its receivables.
After sharply limiting its aggregation due to volatility from the coronavirus, Redwood has re-entered the jumbo MBS market. Meanwhile, issuers of expanded-credit deals continue to stock their MBS with older loans.
Facing criticism that the new qualified-mortgage standards could sharply reduce ARM originations, the CFPB said lenders did not provide convincing data during the comment period.
The firm launched in 2019 and has issued three unique securitizations this year, including closed-end second liens, home equity lines of credit and bridge loans.
A pilot program launched this year aimed at originating mortgages with balances of less than $100,000 has generated zero loans to this point. Reason: Interest rates on the loans look high.
Non-agency forbearance increases; SFVegas delayed to late July; Maxex offering preferred pricing on jumbos to certain lenders; NewRez non-QM VP opening; PCMA hires VP of direct channel originations.