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Inside Nonconforming Markets

September 24, 2021

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Brokers Gain Share of Jumbo Originations in Second Quarter

Among a group of jumbo lenders that report originations by channel, the broker share increased to 7.0% in the second quarter from 1.6% in the first quarter. The increase in market share was largely tied to United Wholesale Mortgage. Read More

Restrictions on GSEs’ Investment-Property Activity Suspended

Close to $15 billion of GSE-eligible mortgages have gone into non-agency MBS this year, including many loans for investment properties and second homes. That’s expected to slow due to a removal of restrictions on the GSEs. Read More

Non-Agency Lenders Using Varied Tactics with QM Standards

Some non-agency lenders are using the newer QM standards, which allow more loans to receive QM status. Others are waiting to see if the CFPB will alter the provisions. Read More

Redwood Plots Significant Growth in Coming Years

Redwood’s already generating record volume in its lending/aggregation business, with plans to increase activity and expand its footprint. The firm might also eventually drop its real estate investment trust status. Read More

Banks’ Mortgage Holdings Decline in Second Quarter

Sector-wide, bank and thrift holdings of first-lien mortgages declined by 1.4% during the second quarter. Among three big banks, trends varied. Read More

Originations of Non-Agency Investment-Property Loans Up

Underwriting based on debt service coverage ratios is on the rise. The loans differ from GSE-eligible mortgages in that underwriting is based on income generated by the property rather than looking to the borrower’s DTI ratio. Read More

Non-QM Lenders Expecting Further Growth for the Market

Lenders can’t keep up with the demand for non-QMs from investors in the secondary market. Originations are expected to grow when the agency refi wave crashes. Read More

Rocket Boosts Jumbo MBS, AmWest Branches Out on its Own

Rocket’s $968.4 million jumbo MBS is one of the largest from a nonbank post 2010. And after years of contributing non-QMs to MBS issued by others, AmWest is going to issue its own deal. Read More

News Briefs

CoreVest issued a securitization involving bridge loans for residential properties; a prime non-agency MBS issued by JPMorgan Chase in 2018 is on watch for a downgrade. Read More

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