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Inside Nonconforming Markets

February 26, 2021

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Some GSE Business Could Move into Non-Agency Market

A January agreement between the Treasury and FHFA, which places limits on mortgage acquisitions by the GSEs, could send some business to the non-agency market. The limits apply to high-risk mortgages as well as loans for investment properties and second homes. (Includes data chart.) Read More

Jumbo Lending Up Slightly in 4Q But Sector Loses Market Share

Jumbo lending increased a scant 2% in the fourth quarter and held steady on an annual basis in 2020. The sector lost a significant amount of market share as agency refi business boomed. (Includes data chart.) Read More

Chase Floods Secondary Market with Non-Agency Offerings

In the span of two days, Chase offered a first-of-its-kind risk-sharing transaction involving non-qualified mortgages and two prime non-agency MBS, including one with a balance of $1.10 billion. Read More

CFPB Delays End of Qualified-Mortgage Patch Rule

The QM patch was scheduled to end July 1, but the timeline has been delayed as a Biden CFPB considers its options. The bureau might also revoke the newly-created category of seasoned QMs. Read More

MBS with Newer Non-QMs in the Market for First Time in 11 Months

Ellington Financial and Credit Suisse are set to issue the first MBS with newly-originated non-QMs since the market was disrupted in March 2020. Read More

Jumbo Servicing Declines in 2020; Wells Retains Top Spot

The volume of jumbo servicing handled by 30 of the top firms in the sector declined by nearly 6% in 2020. The share of borrowers missing payments is increasing. (Includes data chart.) Read More

Annaly is Gunning for More Non-Agency Mortgage Action

After reducing its non-agency investments amid volatility from the coronavirus, Annaly is ready to ramp up activity in the sector. The REIT is acquiring non-QMs and packaging them into MBS. Read More

News Briefs

Non-agency forbearance increases; personnel moves at Deephaven, Wells Fargo and Quontic; new non-agency MBS; a jumbo mortgage symposium; PCMA loosens standards for jumbo product. Read More

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