Brandon Ivey

Non-QM Delinquencies Drift Lower in June

August 12, 2020

S&P and dv01 cited concerns about how mortgage servicers and trustees are handling the reporting of non-QMs in terms of delinquency and forbearance...

Short Takes: The Rocket Takes a Rest / A Reading on Non-Agency Loans in Forbearance / How FHA Views It / Big Legal Bills for Impac

August 10, 2020

Paul Muolo and Brandon Ivey

Impac Mortgage Holdings incurred $534,000 in legal and professional fees during the second quarter “as a result of exploring alternative exit strategies for our non-QM position."

Noncore GSE Business Up in 2Q20, More High DTIs Purchased

August 9, 2020

Brandon Ivey

In 2Q20, Fannie and Freddie acquired $104.07 billion of loans with DTI ratios greater than 43%, up 40.9% from the previous quarter.

Citadel, Verus Resume Originating Non-QMs

August 7, 2020

Brandon Ivey

After a pause for about four months, Citadel Servicing and Verus Mortgage Capital have re-entered the non-qualified mortgage market. But Citadel is no longer offering non-QMs based on one-month bank statements.

Noncore GSE Business Up in 2Q, Market Share Declines

August 7, 2020

Brandon Ivey

GSE business in various noncore categories increased during the second quarter as lenders turned their focus to agency business. (Includes data chart.)

Redwood's Business-Purpose Lending Fared Better than Jumbos in 2Q

August 7, 2020

Brandon Ivey

The REIT’s aggregation of non-agency mortgages typically dwarfs its business-purpose lending activity, but that wasn’t the case in the second quarter of 2020.

Major Discrepancies Seen in Non-Agency MBS Reporting

August 7, 2020

Brandon Ivey

A lack of standardized reporting is causing problems for non-agency MBS investors. In one non-QM MBS, research firm dv01 found 233 loans that had been modified while the trustee reported only 41 mods.

Non-QM MBS Delinquencies Decline in June

August 7, 2020

Brandon Ivey

After increasing in March, April and May, the delinquency rate on securitized non-QMs declined in June. Now servicers are grappling with forbearance plans that are expiring.

Denial Rates on Applications for Jumbos Vary Widely

August 7, 2020

Brandon Ivey

Overall, 14.6% of applications for jumbo mortgages were denied in 2019. Among the top 10 lenders, denial rates ranged from 1.1% to 41.5%. (Includes data chart.)

REITs Seeing Mixed Results with Non-QMs

August 7, 2020

Brandon Ivey

MFA and Western Asset Management took losses on non-QMs in 2Q. Anworth is in a holding pattern and Starwood is buying non-QMs at a discount.

Brandon Ivey

ARTICLES

Non-QM Delinquencies Drift Lower in June

Short Takes: The Rocket Takes a Rest / A Reading on Non-Agency Loans in Forbearance / How FHA Views It / Big Legal Bills for Impac

Noncore GSE Business Up in 2Q20, More High DTIs Purchased

Citadel, Verus Resume Originating Non-QMs

Noncore GSE Business Up in 2Q, Market Share Declines

Redwood's Business-Purpose Lending Fared Better than Jumbos in 2Q

Major Discrepancies Seen in Non-Agency MBS Reporting

Non-QM MBS Delinquencies Decline in June

Denial Rates on Applications for Jumbos Vary Widely

REITs Seeing Mixed Results with Non-QMs

Latest Imf News

GSE Repurchases on the Rise in 3Q

Seasonal Factors Drive Increase in Delinquency Rate

CDIA Calls Out Credit Washing for Rise in Credit Reporting Complaints

Home Price Growth Slows in November

Featured Data

Largest Sellers See GSE Deliveries Wane in November

Third-Party Lenders Boost Market Share in Third Quarter

Bank Mortgage Repurchases Decline in Third Quarter

Mortgage REITs Up Agency MBS, Shed Non-Agency

Featured Reports

Agency Seller-Issuer Profile: 3Q25 (PDF)

Mortgage Profitability Report 3Q25 (PDF)

Lender Profiles 3Q25: Top 25 (PDF subscription)

Agency Channel Analysis: 3Q25 (PDF)

Featured Poll

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?