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.
Profit margins in the first quarter of 2021 will decline from the fourth quarter of this year, according to a survey of mortgage executives by Fannie Mae. Executives also believe the refi boom might have peaked.
Only 18% of borrowers who refinanced during the third quarter remained with their previous lender/servicer. The reason: Competing lenders offering lower rates.