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Inside Nonconforming Markets

July 16, 2021

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Refis Drive Surge in Jumbo MBS Issuance in 2Q21

Issuance of prime jumbo MBS increased by 54% on a sequential basis in the second quarter. Refis accounted for much of jump, including a large amount of loans with a cash-out component. (Includes two data charts.) Read More

Mixed Trends in Jumbo Lending at First Republic, Redwood

Mortgage production increased by 26% in the second quarter on a sequential basis at the jumbo-focused First Republic Bank. And lock volume declined by 15% at Redwood. Read More

Non-QM Lenders Gearing Up for Post-Refi Arena

With lending volumes expected to increase, numerous non-QM lenders are working to add employees. New products are also being offered. Read More

Non-Agency Market Now at Par with the GSEs on QMs

The "patch" that provided QM status to every mortgage eligible for sale to the GSEs is no longer in effect. With fewer incentives to originate mortgages that comply with GSE standards, lenders could boost non-agency originations. Read More

Non-Agency MBS Issuance Beginning to Pick Up After Slight Lull

Toorak Capital Partners expanded its securitization activities into 30-year mortgages for investment properties. Bayview Asset Management and Goldman Sachs have jumbo MBS in the market, and a number of other issuers are planning deals. Read More

Non-QM Performance Continues to Improve, Few New Delinquencies

The impairment rate on securitized non-QMs fell to 7.9% at the end of May. Prepayments in the sector remain elevated as borrowers refinance. Read More

Jumbo Mortgage Underwriting Trends Shifting Amid Refi Boom

As interest rates declined in 2020, the ARM share of jumbo originations plummeted. Lenders also got more lenient with DTI ratios, while average credit scores and LTV ratios tightened somewhat. Read More

News Briefs

Non-agency forbearance ticks up; Saluda Grade raises capital; Sachem launches SPAC. Read More

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