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Inside Nonconforming Markets

April 17, 2020

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Frozen Jumbo MBS Market a Problem for Banks and Nonbanks

Four of the top five originators of mortgages included in prime non-agency MBS can’t retain originations in portfolio and the market isn’t expected to rebound in the coming months. (Includes two data charts.) Read More

Wells’ Jumbo Correspondent Exit Tied to Portfolio Limit

A cap imposed by the Fed on Wells’ portfolio was a major factor in its decision to stop originating jumbos through correspondents. Read More

Availability of Jumbos Drop, Some Correspondents Exit

Following in the footsteps of Wells, a handful of correspondent aggregators have suspended originations of jumbo mortgages. Underwriting standards for the loans also have tightened. Read More

Some Lenders Still Offering Non-QMs

A handful of lenders continue to originate non-qualified mortgages while the major players in the market pause production. Read More

Coronavirus Impact on Non-Agency Servicing Mixed

Delinquencies on non-agency mortgages are likely to increase due to the coronavirus, with the largest impact expected on non-QMs. Read More

First Republic’s Jumbo Plans Hold Steady

First Republic Bank doesn’t plan to chase market share even as other jumbo lenders tighten underwriting standards. Read More

Coronavirus Slows Momentum at Velocity Financial

Velocity Financial was increasing originations and income, then the coronavirus hit, halting issuance of a planned MBS and prompting the need for additional capital. Read More

Annaly, MFA Sell Non-Agency Investments, Seeking Stability

Investments in non-agency assets were offloaded by Annaly and MFA. Some of the loans sold by MFA were likely meant for a non-QM MBS that didn’t close in March. Read More

News Briefs

Fitch proposes changes to MBS rating criteria; Ocwen faces NYSE delisting; Nationwide Equities launches non-agency reverse mortgage. Read More

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