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Inside Nonconforming Markets

April 3, 2020

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Non-Agency MBS Issuance Slowed in First Quarter

Issuance of non-agency MBS fell 8.2% in the first quarter, with the decline driven by the expanded-credit sector. The non-agency MBS market essentially shut down in March due to fallout from the coronavirus. (Includes data chart.) Read More

Jumbo Originations Continue at Big Banks, Interest Rates Up

The top five producers of jumbos continue to offer the mortgages. The production picture is less clear at nonbanks, which don’t have portfolio capacity. Read More

Major Non-QM Lenders Suspend Production, Lay Off Staff

The major producers of non-QMs suspended originations in March and, with the market paused, layoffs have started. Read More

REITs Sell Non-Agency MBS to Limit Margin Calls

New Residential, Redwood and Two Harbors sold non-agency MBS holdings as REITs were hit with a surge of margin calls from their lenders. Efforts by the federal government to prop up the mortgage market haven’t done much for non-agency players. Read More

ARM and IO Lending Increase in Fourth Quarter

Originations of both ARMs and IOs increased in the fourth quarter and in all of 2019. Growth among IO lenders even outpaced the increase in total first-lien originations. (Includes two data charts.) Read More

Non-Agency Servicers’ Pandemic Responses Lack Uniformity

Non-agency loans account for about 30% of all residential mortgages outstanding and, unlike with servicing for the GSEs or government-insured mortgages, there’s no standardization in how servicers will respond to borrowers facing financial difficulties tied to the coronavirus. Read More

News Briefs

Non-QM MBS forum delayed; Patch rebrands as Noah and continues to offer home-equity sharing product; originations up and income down at fix-and-flip lender Sachem Capital in 2019; Anchor Loans taps former Radian executive as COO; Velocity late filing annual report due to coronavirus. Read More

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