Banks and thrifts increased their holdings of residential first liens by 4.1% in 2019. Among the top 10 banks, three reduced their portfolios. (Includes data chart.)
Investor demand for non-QMs plummeted in recent weeks due to fallout from the coronavirus. Some non-QM lenders have stopped originating loans and others are repricing their products.
Out in California, Fremont Bank seems to be telling jumbo customers that if you really want a loan from them, you’re going to pay through the nose. On its website, jumbo pricing for Wednesday was set at 6.375%.
Redwood also implemented a work-from-home policy on Monday that will last for at least two weeks. “We have fully-implemented and tested business continuity protocols to protect our workforce and ensure the ongoing operation of our business across all geographic locations,” the REIT said.