As most mortgage bankers know, recessions are generally good for the industry because rates plunge and originations spike. The tricky part is dealing with borrowers who face employment loss…
Credit Suisse is entering the non-QM MBS market, sourcing loans from a lender that previously contributed to deals from Western Asset Management Company.
First Republic Bank is the top contributor to the MBS, with a 27.1% deal share. Other lenders with mortgages in the MBS include Banc of California, loanDepot and Nationwide Bank. The loans have seasoned for an average of 18.7 months.
Impac’s return to profitability occurred as the nonbank slashed spending on marketing and reduced staffing levels. The lender spent $2.0 million on business promotion in the second quarter compared to $9.0 million a year ago...
The rating service’s proposal regarding the treatment of private mortgage insurance on GSE risk-sharing transactions and non-agency MBS prompted some concerns from industry participants.
Any removal or adjustment to the QM patch that results in additional non-agency loan volume will benefit mortgage REITs in terms of originations and investments, according to analysts.
PIMCO is set to issue a non-agency MBS with loans sourced from non-QM deals issued by Lone Star Funds. The older MBS were subject to clean-up calls, allowing PIMCO to re-package the loans.