A noticeable increase in warehouse credit to non-QM originators is bolstering both lending volumes and MBS creation. Another positive: better terms for nonbank borrowers.
Two prominent GSE multifamily lenders cut production in the fourth quarter as they adjusted to the new investment limits set for Fannie and Freddie. The new caps are unlikely to constrain GSE business in 2020.
Concerned about relaxed appraisal standards for mortgage originations, two senior members of the House Financial Services Committee want the Government Accountability Office to conduct a study.
Angelo Gordon's GCAT 2020-NQM1 includes non-QMs, investment-property loans exempt from QM standards and mortgages originated by CDFIs, which reduce risk-retention requirements.
BlackRock transferred $589 million of stock in PennyMac Financial Services, accounting for a 20% stake in the lender, to two of its affiliated charitable entities. BlackRock initially invested $34 million in PennyMac in 2008.
BlackRock CEO Larry Fink: “Our strategic investment in PennyMac 12 years ago was part of an effort to help our clients access opportunities in the residential mortgage market…”
Freedom Mortgage’s planned acquisition of RoundPoint Mortgage Servicing is the latest example of delays in merger and acquisition deals. Factors delaying transactions include approvals from Ginnie and state regulators.