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Inside Nonconforming Markets

February 15, 2019

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Jumbo Lending Falls in 4Q On Weaker Demand

Originations of non-agency jumbo mortgages declined in the fourth quarter as well as full year 2018, according to an Inside Nonconforming Markets analysis. The sector also lost market share with lenders noting weak demand. [Includes one data chart] Read More

Redwood Maintains Margins With Multiple Loan Outlets

Redwood Trust’s mortgage banking income in the fourth quarter was essentially level compared to the previous quarter even with lower origination volume and strong competition in the non-agency market. Read More

Hopes Dim for Lower Loan Limit Mandate from Senate

A leading Republican in the Senate plans to leave loan limit decisions in the hands of the Federal Housing Finance Agency instead of mandating lower conforming loans limits as part of housing-finance reform legislation. Read More

Seer Capital Enters Non-QM MBS Market

Seer Capital Management is set to issue its first mortgage-backed security with non-qualified loans. The New York-based company launched its non-QM program in 2013 and it owns HomeXpress Mortgage, a wholesale lender founded in 2016. Read More

Non-QM MBS Issuance, Investing Attractive to REITs

Mortgage-backed securities with non-qualified mortgages look attractive to some real estate investment trusts. PennyMac Mortgage Investment Trust plans to join other REITs issuing non-QM MBS while officials at Chimera Investment said the firm is considering buying non-QM MBS from other issuers. Read More

Non-Agency Pricing for GSE-Eligible Loans in Flux

The pricing offered in the non-agency market for certain loans eligible for sale to the government-sponsored enterprises isn’t as attractive to sellers as it once was, according to industry participants. Read More

GSE Nonprime Assets Have Differing Run-Off Rates

Fannie Mae and Freddie Mac continue to let their holdings of nonprime mortgages run off, with some differences in the rate at which the holdings are diminishing, according to a new analysis by Inside Nonconforming Markets. [Includes one data chart] Read More

Expanded-Credit MBS Issuance on a Roll

Mortgage-backed securities with expanded-credit underwriting standards are flowing into the market. Presale reports were published this week for three deals and others are in the works. Read More

News Briefs

Carrington Mortgage Services loosens its underwriting guidelines and improves pricing for various expanded-credit products; Home Point Financial joins the expanded-credit market; Essent Group isn't interested in proving PMI for non-QMs... Read More

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