Browse articles from IMFnews related to Nonconforming.

September 22, 2017 - IMFnews

ATTOM: Home ‘Flips’ Decline – Along with Profits

ATTOM’s Daren Blomquist: “In markets where distressed discounts have largely dried up, flippers are showing more willingness to leverage financing when acquiring properties…”

September 22, 2017 - IMFnews

Non-Agency MBS Issuance Constrained by a Lack of Supply

Matt Nichols, CEO of Deephaven Mortgage, a company that has issued nonprime MBS in recent years, said the main impediment to nonprime MBS is supply.

September 20, 2017 - IMFnews

Liquidity in the MBS and ABS Markets: As Strong as It’s Ever Been…

“Liquidity is strong across the spectrum and probably the best we’ve ever seen for structured products,” said Scott Levy, a senior managing director at Guggenheim Securities…

September 20, 2017 - IMFnews

Walter Gets $300 Million Increase in Financing from Barclays; Stock Spikes

News of the expanded repo line sent Walter's share price soaring...

September 19, 2017 - IMFnews

Caliber Ramps Up Non-QM Lending Big Time

Caliber plans to originate at least $1 billion of non-QM residential loans this year…

September 14, 2017 - IMFnews

Another Bank May Enter the Jumbo MBS Market, Signaling a Potential Shift from Portfolio Retention

“We’ve gotten wind that we could see at least one other large money center bank enter the securitization markets,” said Christopher Abate of Redwood Trust…

September 14, 2017 - IMFnews

Agency-Jumbo Production Sagged in 2Q17 While Non-Agency Sector Kept Growing

But the non-agency jumbo market saw a healthy 18.6 percent increase in originations…

September 14, 2017 - IMFnews

Redwood Sourcing ‘Expanded Prime’ Jumbos from Hundreds of Correspondents

Redwood Trust has approved 185 originators to sell Choice loans directly…

September 12, 2017 - IMFnews

Short Takes: Former DB Exec Paul Mangione Slammed in DOJ Civil Complaint / Fort Schuyler Advisors? / Angel Oak Passes $7B Mark / Richard Cordray? / A New CFO for LenderLive

As IMFnews went to press, Mangione could not be reached for comment. He currently heads Fort Schuyler Advisors...

September 7, 2017 - IMFnews

Short Takes: Wells Fargo and UWM Weigh In on Hurricane Irma / Non-Agency MBS Not Impacted by Harvey / Clayton Rolls out ‘Readiness Solution’ for Nonprime / A Promotion at LendingTree

Meanwhile, United Wholesale Mortgage CEO Mat Ishbia said the nation’s largest wholesaler is not cancelling any closings because of Irma, at least not yet...

September 7, 2017 - IMFnews

It’s Official: Lone Star’s New Security Largest Post-Crisis Nonprime MBS To Date

The new security is backed solely by loans from Caliber...

September 6, 2017 - IMFnews

First ‘Expanded Prime’ MBS from Redwood Shows Somewhat Looser Underwriting than Typical Super-Prime Jumbos

Mortgages from 103 lenders will be included in the deal led by PrimeLending…

September 6, 2017 - IMFnews

Jumbo Servicing Continues to Increase for Most Firms; Performance Pristine

Of the nation's top 10 jumbo servicers, just one is a nonbank: Ocwen Financial.

September 6, 2017 - IMFnews

CFPB’s Cordray to Give Ohio Speech on Date of Gubernatorial Debate. Meaning?

Fun fact: Ocwen is one of the sponsors of the event where CFPB Director Richard Cordray will be speaking…

September 5, 2017 - IMFnews

Lone Star Preps Nonprime MBS that Could be the Largest Issued with Post-Crisis Originations

The nonprime mortgages were sourced through Lone Star affiliate Caliber Home Loans and other lenders…

September 5, 2017 - IMFnews

Non-QM Performance Strong but There’s a Catch: Many Prepayments

Investors in non-QM MBS have to worry about fast prepayment speeds, not credit problems...

August 31, 2017 - IMFnews

Redwood Trust Set to Issue its First Non-Agency MBS Backed by ‘Expanded Prime’ Mortgages

The new MBS from Redwood will include a mix of safe-harbor qualified mortgages, rebuttable presumption QMs, non-QMs and some loans not subject to QM standards.

August 30, 2017 - IMFnews

Errors in Moody’s Database Prompt Reassessment of Ratings on Nearly 1,000 Pre-Crisis Non-Agency MBS

Problems regarding the ratings of IO tranches of pre-crisis non-agency MBS emerged in June of this year...

August 29, 2017 - IMFnews

Clayton Launches Service to Help Issuers Enter the Non-Agency MBS Market

A growing number of mortgage lenders and aggregators are actively considering entry into the private label securitization market, says Clayton President Jeff Tennyson…

August 28, 2017 - IMFnews

Bayview Mixes New and Seasoned Loans Together for New Non-Agency MBS

Mortgages in the deal were originated by a variety of lenders, none of which were identified…

August 25, 2017 - IMFnews

Bank ABS Holdings Drift Lower Again in 2Q17

All asset classes in the ABS market saw reduced bank interest in the second quarter…

August 25, 2017 - IMFnews

CFPB Cuts Community Lenders Some HMDA Slack for HELOCs

The CFPB is loosening regulations amid rumors that agency Director Richard Cordray may soon depart to run for governor of Ohio…

August 24, 2017 - IMFnews

Wedbush: Expanded Credit Could Add $200 Billion of Originations

Publicly traded lenders that could benefit from the trend include First Republic Bank, Flagstar Bank, Nationstar Mortgage and U.S. Bank…

August 23, 2017 - IMFnews

Despite Coming Ban, Starwood REIT to Buy Non-QMs with FHLBank Help

Starwood didn’t disclose the volume of non-QMs it has acquired at this point.

August 22, 2017 - IMFnews

Short Takes: loanDepot’s Hsieh has Some Fun / Fannie’s Forecast / Finance of America Ramps Up Reverses / Jumbo Credit Standards Loosened, Somewhat / New Regional Hires for Silver Hill

No update from loanDepot on the IPO, but CEO Anthony Hsieh took some shots at the rumor mill...

August 22, 2017 - IMFnews

Ellington Financial Sells $86 Million Worth of Notes

Ellington is showing an increasing interest in the non-QM market…

August 22, 2017 - IMFnews

Watchdog Group Seeks Answers from CFPB About Clayton Homes’ Lending Practices

Clayton Homes is one of the nation’s largest mobile home sellers, and is owned by Warren Buffett’s Berkshire Hathaway.

August 22, 2017 - IMFnews

OCC Sets Process for Banks to Originate Mortgages with LTV Ratios Greater than 100 Percent

The OCC noted that Fannie Mae, Freddie Mac and the FHA all offer loan options aimed at property rehabilitation…

August 22, 2017 - IMFnews

Jumbo Lending Increased in 2Q17, but Volume Lagging Last Year’s Pace

Wells Fargo regained the title of the top non-agency jumbo lender in the second quarter, besting Chase…

August 21, 2017 - IMFnews

Deephaven Mortgage Managing Director Brett Hively Departs; Former Quicken Executive His Replacement

Hively’s resume includes stints at Goldman Sachs (where Nichols also worked), New Century Mortgage Co., and Option One Mortgage.

August 21, 2017 - IMFnews

A New Tally: Nonconforming Originations Hit $7 Billion in 2Q17

Our ranking of the nonconforming sector is divided among lenders that specialize in the products and those where it accounts for a small slice of production.

August 18, 2017 - IMFnews

What We’re Hearing: The Nation’s Volume Leader in the ‘New’ Nonconforming Is… / Sales Executive Departs / Don’t Stop Believin’ (in Fannie and Freddie)? / ‘Contract Law’ and GSE Common Shares / A Legislative Snafu Called Donald Trump?

According to our calculation, Fannie common now trades at $2.80, a 20.17 percent improvement since the close of 2Q17, while Freddie’s value rose 21.08 percent to $2.70.

August 18, 2017 - IMFnews

Those Incredibly Shrinking GSE MBS Portfolios – a 5.3 Percent Decline in 2Q17

Today, Fannie and Freddie hold $13.50 billion of subprime and Alt A MBS. At the end of 2005, they had a staggering $258.67 billion in such assets.

August 17, 2017 - IMFnews

Walter’s Stock Crushed Yet Again on New Disclosure; Nonbank Plans to Remedy NYSE Delisting

Walter has a market capitalization (stock price multiplied by number of shares) of just $11.8 million…

August 17, 2017 - IMFnews

Citadel Offering One-Month Bank Statement Program with Minimum Credit Score of 700

In its new bank-statement program, Citadel will make mortgages of up to $3 million…

August 17, 2017 - IMFnews

Government-Insured Mortgages the Biggest Gainer in 2Q17

Roughly 71.0 percent of second-quarter primary-market originations of first-lien mortgages were purchase loans, the highest reading in years…

August 11, 2017 - IMFnews

What We’re Hearing: 10 Years Already? / When was the First (Subprime) Shot Fired? / And No. Nine for Fannie & Freddie / The New Nonprime Kids on the Block / Watt Seeking Political Cover? / How About $500,000 for the MID?

This year, nonprime production across the U.S. might top $3 billion to $4 billion at best. At its peak last decade, it was a $1 trillion a year business. That’s not a misprint…


The year is almost 75% done. How is mortgage origination volume at your shop?

We will fund about the same as we did in 2016.
We will fund more than last year – by a little.
We will fund more than last year – by a lot.
We will fund less than last year – by a little.
We will fund less than last year – by a lot.

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