Investors and issuers are divided on the usefulness of disclosure requirements for MBS and ABS. While investors said disclosures encourage them to buy securities, issuers cited them as a burden.
Angelo Gordon is set to include Community Development Financial Institution loans in its first non-QM MBS, prompting lower risk-retention requirements.
States proposed standards in 2015 to increase oversight of nonbank lenders and servicers but didn’t act to finalize them. The new chairman of the Conference of State Bank Supervisors is making the issue a priority.
Nearly 70% of the volume going to the GSEs due to the QM patch could be handled in the non-agency market without disrupting borrowers, according to a new SEC filing and presentation from Redwood.
Chase and Chimera are set to issue separate non-agency MBS backed by mortgages for investment properties, following similar deals from a handful of other firms.
Maxex recently completed a round of funding, taking the amount of capital it has raised since 2012 to more than $90 million. The company connects buyers and sellers of jumbo mortgages.
The trade group is urging the CFPB to allow jumbos to receive qualified mortgage status even if the loans have debt-to-income ratios greater than 43%. The pending expiration of the QM patch has also prompted a back-and-forth among think tanks.