Browse articles from IMFnews related to Nonconforming.

November 15, 2018 - IMFnews

JPM Packages Jumbos with Relatively High LTV Ratios in Unique MBS

Moody’s Investors Service said 47.0 percent of the dollar volume of the loans in the MBS were underwritten by United Shore…

November 14, 2018 - IMFnews

A Brighter Future for Non-Agency May Translate Into Better Days for Trading Desks

Another trading firm that hopes to ride the non-QM wave is RAMS Mortgage Capital…

November 12, 2018 - IMFnews

Ellington Will Convert to a REIT, Focusing on Credit Investments and Agency MBS

Ellington CEO Laurence Penn: “Becoming a REIT would bring with it big benefits, such as lower effective tax rates..."

November 8, 2018 - IMFnews

Short Takes: A Sale Agreement but What’s the Price, Mr. Cooper? / A Material Event? / UBS Expects DOJ Action / Ellington’s New Non-QM MBS / A New Hire for Home Point

UBS said the Department of Justice intends to file a civil complaint against the company relating to pre-crisis MBS issuance...

November 8, 2018 - IMFnews

Impac Suffers Another Loss. Revenue and Originations Take a Hit. Layoffs Too

About 41 percent of Impac's volume now entails non-QM lending...

November 8, 2018 - IMFnews

Redwood Accelerates Diversification Efforts, Remains Profitable in Third Quarter

Redwood CEO Chris Abate: “Our game plan in the third quarter was a bit unconventional – we ran an up-tempo offense, squarely in the face of mortgage market headwinds.”

November 8, 2018 - IMFnews

Mr. Cooper Reports $54 Million Profit for 3Q18, Agrees to Buy $10B Originator

Several months ago, rumors began to surface that Pacific Union might be for sale...

November 8, 2018 - IMFnews

Most Products Saw a Decline in 3Q18, but Expanded-Credit Loans Bucked the Trend

A few mainstream lenders are starting to take notice, but most of the action is at a handful of nonbanks that have spearheaded the sector’s rise…

November 7, 2018 - IMFnews

Expanded-Credit MBS Underwriting Not Loosening Much, Prepayments Remain High

Risk layering remains uncommon on the new breed of expanded-credit mortgages…

November 7, 2018 - IMFnews

QM Patch Expiration Could Shift More High-DTI Loans to FHA

Analysts see the expiration of the QM patch as having a lesser effect on the non-agency market and a greater impact on FHA...

November 6, 2018 - IMFnews

Short Takes: Calabria for the FHFA Job? / Egenhoefer’s New Gig? / Ocwen’s Share Price Gets Clocked / WAMCO Prepares EC MBS / Invitation Homes’ SFR Inventory / Fast-Growing Servicers

Among the nation’s top 20 servicers at Sept. 30, Freedom Mortgage had the largest increase its MSR balances...

November 6, 2018 - IMFnews

Rated MBS Backed by Fix-and-Flip Bridge Loans Likely

Fix-and-flip financing has gradually increased each year since 2011…

November 6, 2018 - IMFnews

LoanStream Branches Out into Correspondent, Aims to ‘Dominate’ the Market

LoanStream was already originating nonprime mortgages via retail and wholesale outlets...

November 5, 2018 - IMFnews

Ahead of 3Q18 Results, Impac’s Share Price Falls to a 52-Week Low

Impac’s share price fell to a new 52-week low Monday: $5.10.

November 5, 2018 - IMFnews

New Residential in Talks with Multiple Lenders to Buy Non-QM Loans

Nierenberg, a former Bear Stearns executive, stressed that New Residential is going to be relatively conservative with its underwriting standards for non-QMs.

November 5, 2018 - IMFnews

As the Clouds Roll In, Some Lenders Turn to Non-QM, Including FGMC

PIMCO, which controls FGMC, is no stranger to the non-QM market…

November 2, 2018 - IMFnews

What We’re Hearing: The Strange Case of Fannie Mae and Freddie Mac / Pro-Pilot Programs / Warren Buffett and the GSEs / Mortgage Recruiter by Day, Opera Singer by Night / Lima One Makes its Move / Magnetar?

A huge non-QM expansion for Athas Capital?

November 2, 2018 - IMFnews

Non-Agency MBS Market Revels in a Banner Year, But…

The nonprime sector has split off from jumbo, and there are now roughly 70 investors in the sector.

November 1, 2018 - IMFnews

Waterfall Unit Brings First Rated MBS Backed by Non-Agency Reverse Loans Since 2007

The deal is backed by jumbo reverse loans with a total unpaid principal balance of $571.8 million…

October 30, 2018 - IMFnews

loanDepot Unveils Warehouse Securitization for Mello Unit

Clayton Services has been hired to conduct due diligence reviews every 90 days on 100 randomly selected loans.

October 29, 2018 - IMFnews

Short Takes: Bill Dallas Speaks / FoA’s New Reverse Product / A Blow-Out Earnings Number from Freddie? / Fannie? / No Permanent President for Ginnie, Still / Former FHLB Chicago Exec Named President of CU Mortgage Firm

On Wednesday, Freddie Mac will release third-quarter results...

October 29, 2018 - IMFnews

MBS Backed Fix-and-Flip Bridge Will Expand, Morningstar to Take a Conservative View Initially

Fix-and-flip loans generally have terms that range from a few months to three years…

October 29, 2018 - IMFnews

Prestwick Announces Auction of GSE, Private Investor MSRs

Fannie Mae receivables dominate the package at $70.9 million...

October 26, 2018 - IMFnews

What We’re Hearing: Cut in Half, Ellie Mae’s Share Price / 1H 2019: A Challenge / Walking the Floor of the MBA Show / A Bullish Outlook for Servicing, Non-QM Lending / If Stocks Tank Further, Good Things Might Happen / High on Chris George’s ‘To Do’ List: GSE Reform

But putting the negativity aside for a minute, there are a couple of bright spots in the industry: Servicing valuations and non-QM lending...

October 25, 2018 - IMFnews

New Residential Reports Strong 3Q18 Results, Bought $43B of MSR During the Period

The New York-based real estate investment trust has been on an MSR acquisition tear the past three years...

October 24, 2018 - IMFnews

Short Takes: Honey, If You Put Any More Money Into that Mortgage Company… / Citadel (Officially) Branches Out into SBCL / $400 Million Next Year? / Fannie Mae Sees Ghost Companies / When Bullying Might Work (Trump and Powell)

Fannie Mae continues to mine for non-existent companies that might show up on the consumer loan applications submitted to its seller-servicers...

October 24, 2018 - IMFnews

Jumbo-Conforming Spread Closer than Perceived

During the financial crisis, average interest rates on conforming mortgages were much lower than rates on jumbos…

October 23, 2018 - IMFnews

Short Takes: A 52-Week Low for Texas Capital / But Strong Earnings / Concern over the Future of Warehouse Lending? / TIAA’s Third Non-agency MBS / HomeStreet Sees Lower Production, Dark Clouds

TIAA is preparing to issue its third prime non-agency mortgage-backed security of the year...

October 23, 2018 - IMFnews

Purchase Mortgages Dominate Jumbo MBS Issuance in 3Q18

Prime jumbo MBS issuance continues to be dominated by 30-year FRMs, with few interest-only products represented…

October 22, 2018 - IMFnews

Short Takes: HUD Shows its Enforcement Stripes / Otting, the Next (Interim) FHFA Director? / Sprout Mortgage Feeds Verus Nonagency MBS / Mayer Brown Hires CMG Attorney

Otting is Comptroller of the Currency. The speculation is that he will pull a Mick Mulvaney and wear two hats for a while…

October 22, 2018 - IMFnews

More Experimentation in Non-Agency MBS Market with Issuance from Verus

The structure results in principal payments to subordinate classes earlier in the transaction…

October 19, 2018 - IMFnews

Non-Mortgage ABS Production Down Sharply in 3Q18

Most of the third-quarter slippage occurred in the business-finance category, where ABS production tumbled 51.2 percent...

October 19, 2018 - IMFnews

New Residential Issuing Non-QM MBS with Loans from New Penn

In total, 54.0 percent of the loans were underwritten using bank statements…

October 18, 2018 - IMFnews

Short Takes: BCFP, Not CFPB / At MBA, Standing Room Only for Mick Mulvaney / Annaly Readies Non-QM MBS / A Warehouse Securitization Deal for loanDepot / Cash is King

An affiliate of Annaly Capital Management is preparing to issue a $384 million mortgage-backed security stocked with non-qualified mortgages and loans for investment properties…

October 18, 2018 - IMFnews

Fitch Faults Other Rating Services for AAA Grade on Galton’s Non-Agency MBS

The three rating services noted the unique treatment of unpaid interest in their presale reports…

October 17, 2018 - IMFnews

loanDepot Preps Second Prime Non-Agency MBS of the Year; Galton Increases ECM Issuance

Some 20.9 percent of the loans in the new loanDepot MBS are eligible for sale to the GSEs, down from 40.7 percent in the previous deal from the nonbank…

October 16, 2018 - IMFnews

Flagstar Readies Non-Agency MBS Stocked with GSE-Eligible Loans for Investment Properties

Some 78 percent of the loans are GSE-eligible mortgages for investment properties…

October 15, 2018 - IMFnews

Short Takes: GSE Pilot Hearing Postponed / An Opportunity to Gather Intelligence? / Freddie's Qualification Tool for Self-Employed Borrowers / GSE Duty-to-Serve Updates / New Hires for ComplianceEase, Element Funding

The Senate Banking Committee's review of GSE pilot programs will have to wait...

October 12, 2018 - IMFnews

What We’re Hearing: A Cyclical Business / What Will Treasury’s Craig Phillips Say about the GSEs? / Advice From loanDepot’s Anthony Hsieh / Unsolicited Resumes from Production Employees / Jim Malloy Departs Impac Mortgage After 15 Years / PennyMac’s First CRT Deal / A New Hire at Home Point

Anthony Hsieh's advice for the mortgage industry: Start selling...

October 12, 2018 - IMFnews

Quicken Loosens Underwriting on Jumbos

For jumbo cash-out refis, Quicken is now allowing for combined loan-to-value ratios up to 80.0 percent on loan balances up to $1.0 million.

October 12, 2018 - IMFnews

Mortgage Venture Partners Plans to Buy Nonagency Loans with an Eye Toward Securitization

Mortgage Venture Partners is also working on a non-qualified mortgage jumbo second lien product…

October 12, 2018 - IMFnews

Non-Agency MBS Issuance Drops Sharply in 3Q18 as Nonprime Tops Prime

The highlight of the third quarter was the steady growth of the nonprime market…

October 11, 2018 - IMFnews

More REITs Eyeing the Non-QM Sector. A Large MBS Deal in the Works?

MFA CEO Craig Knutson said he’s pleased the REIT has “gained traction on these new acquisition efforts, which involve relationships cultivated over the past year or more.”

October 10, 2018 - IMFnews

Non-QM Lenders Angel Oak and Citadel Post Record Production Quarters in 3Q18

Angel Oak and Citadel continue to hire while the megabanks are cutting back...

October 10, 2018 - IMFnews

Wells Fargo is Back! Megabank Launches First Post-Crisis Non-Agency MBS

New nonagency deals are pending from loanDepot and New Residential as well…

October 9, 2018 - IMFnews

DBRS: Losses on Non-QM MBS are Rare, Investors Feel Protected

Despite the good news, DBRS said if the economic environment becomes more distressed, some non-QM borrowers may come under pressure…

October 8, 2018 - IMFnews

Short Takes: Waiting on a Client / Layoffs at Eli Global? / Bonuses: Based on Volume or Profits? / New Penn Rolls Out New Non-QM Loan / NewDay Hires a Former Governor

One source familiar with Eli Global’s mortgage operations said layoffs have occurred at the company’s mortgage unit...

October 8, 2018 - IMFnews

One-Month Bank Statement Mortgages Questioned

A handful of lenders offer one-month bank statement programs…

October 5, 2018 - IMFnews

Expanded-Credit MBS Issuance Up in 3Q, Prime Non-Agency Down

Issuance trends for non-agency mortgage-backed securities stocked with newly-originated mortgages were mixed in the third quarter....

October 5, 2018 - IMFnews

Securitization Market Limped Through 3Q18 with Help From Agency MBS Issuance

The major driver was a 16.8 percent jump in Fannie Mae issuance…


With loan volumes declining, does your shop have plans to enter the non-QM lending market in 2019?

Yes, definitely. A solid move forward.
Yes, but only incrementally.
We’re pondering a move into non-QM, but haven’t made up our mind.
No, definitely not. We view it has too risky.

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