AIG is set to issue a jumbo MBS with new production and MFA Financial has a non-QM deal with loans that have seasoned for 16 months. A surge of issuance also looks likely later this month.
CSBS moving forward with servicing standards for nonbanks; A&D launches jumbo with new QM standards; Angel Oak Commercial Lending expanding into wholesale; Redwood adds Faith Schwartz and Armando Falcon to its board.
Under previous Director Kathy Kraninger, the CFPB claimed the impact from these changes would be minimal. According to the bureau, the vast majority of loans that received QM status due to the patch would also meet the new standards.
An asset manager based in Toronto agreed to acquire Annaly’s commercial business. The REIT will put an even greater emphasis on its investments in residential MBS.
A 30-day average of SOFR would make a good replacement for LIBOR when pricing new MBS and ABS, according to a recommendation from a committee of industry participants convened by the Fed.
States hope to finalize standards for nonbank servicers despite strong opposition from industry participants. Details are still being ironed out, and implementation remains a concern.
A number of groups representing lenders and consumer advocates said the CFPB should abandon an effort to extend the QM patch beyond July 1. The regulator also faces hurdles involving the GSEs and federal rulemaking requirements.