The active non-QM funders include ACC Mortgage, A&D Mortgage, First National Bank of America, Newfi Lending and Silvergate Bank. (Silvergate, up until recently, was also a warehouse provider of non-QM products.)
Velocity Financial was increasing originations and income, then the coronavirus hit, halting issuance of a planned MBS and prompting the need for additional capital.
Investments in non-agency assets were offloaded by Annaly and MFA. Some of the loans sold by MFA were likely meant for a non-QM MBS that didn’t close in March.
Layoffs? Don’t tell that to loanDepot. In a press statement earlier in the week, company founder and CEO Anthony Hsieh pledged to hire 3,000 employees by the end of 2020…