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Inside Nonconforming Markets

May 21, 2021

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Angel Oak’s Mortgage-Investment Unit Files for IPO

Angel Oak Mortgage, which primarily invests in non-QMs originated by affiliates of Angel Oak Companies, plans to become a public company. Read More

Non-Agency Jumbo Sector Gains Market Share in First Quarter

Jumbos accounted for 9.2% of total first-lien originations in the first quarter of 2021, a slight improvement from 4Q20, but nowhere close to pre-pandemic levels. (Includes data chart.) Read More

Non-Agency Market Poised for Growth in Coming Years

A reduction in GSE refi business along with regulatory changes are expected to prompt an increase in originations of non-agency mortgages. The bulk of the increase could come from prime loans. Read More

GSE Investor-Property Business Spikes in 1Q Ahead of New Limits

Securitization of mortgages for investment properties increased at Fannie and Freddie in the first quarter even as overall GSE business declined. Lenders appear to have rushed to deliver the loans before new restrictions took effect. (Includes data chart.) Read More

Nonbanks Increasing Investments in Non-QM Market

A number of firms are working to increase originations of non-QMs and ramping up investments in the loans. It can be a highly profitable business, though investor demand is volatile. Read More

Impac Working to Rebuild Non-QM Origination Capacity

As an increase in interest rates curtailed its GSE refi volume, Impac is rushing to ramp up originations of non-QMs. The firm also plans to issue its own MBS. Read More

Sharp Differences in Denial Rates for Jumbos in 2020

Some 15.5% of applications for jumbo mortgages in 2020 were denied by lenders. Among individual funders, denial rates ranged from a low of 1% to north of 50%. (Includes data chart.) Read More

Income Declines in 1Q as Originations Increase at Velocity Financial

Business-purpose lender Velocity Financial increased loan production in the first quarter of 2021 but income declined. The firm, which sold fewer loans in the first quarter, issued an MBS in May. Read More

News Briefs

A flurry of non-agency MBS hit the market; the number of non-agency mortgages in forbearance increases; SFA raises concerns about CFPB’s proposal to establish a partial foreclosure moratorium; SFA to set up data tape task force; Sachem Capital generates $2.2 million of net income in 1Q21; new industry hires. Read More

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