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Inside Nonconforming Markets

June 26, 2020

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CFPB QM Proposal Could Boost Non-Agency Market

The proposal could eliminate GSE eligibility as a standard for a loan to be deemed a qualified mortgage. The regulator aims to level the playing field between the non-agency market and Fannie/Freddie. Read More

Expanded-Credit MBS Flood Market Toward Quarter-End

Eleven expanded-credit MBS have been introduced since June 15, with a total unpaid principal balance of $3.4 billion. Read More

Prime Non-Agency MBS Increase Near End of June

Three prime non-agency deals were brought to market at the end of June. One of them is backed by GSE-eligible investment-property loans. Read More

FHFA Reignites Debate on REIT Access to FHLBanks

The naysayers doubt nonbank originators and servicers have sufficient capital and liquidity to weather a storm. Read More

Bank Mortgage Holdings Inch Up in 1Q20

Bank and thrift holdings of first liens increased just 0.3% in the first quarter. While BofA’s portfolio increased, Wells and Chase cut theirs. (Includes data chart.) Read More

MFA Back on Track to Issue Non-QM MBS

A recent cash infusion will help MFA Financial revive its first ever non-QM MBS. The deal had been put on hold because of the pandemic. Read More

Originations of Interest-Only Mortgages Tumble in First Quarter

Interest-only loan production dropped nearly 25% in 1Q. Meanwhile, the share of IOs originated in areas vulnerable to storms is increasing. (Includes data chart.) Read More

Impac Sees Red Ink on Non-QMs Sold During 1Q

Sales of non-QMs at distressed prices accounted for a large share of the nearly $65 million loss Impac took in the first quarter. Read More

ARM Market Share Shrinks, Production Drops 20% in 1Q

Nine of the top 10 ARM lenders reduced production in the first quarter. Overall, ARM volume fell 20.3%. (Includes data chart.) Read More

News Briefs

Velocity issues unrated MBS; non-QM lenders loosen guidelines; Caliber settles with NYAG on loan mods; EasyKnock raises capital. Read More

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