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Inside Nonconforming Markets

February 4, 2022

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Angel Oak, AmWest Top Contributors to ECM MBS in 2021

Angel Oak issues MBS largely stocked with its own production whereas AmWest started shelfing its own deals in September after years of contributing to MBS issued by others. (Includes three data charts.) Read More

Expanded-Credit MBS Issuers Branch Out from Typical Practices

Angel Oak is sourcing loans from lenders beyond its affiliates, Invictus reached a diversification milestone and Angelo Gordon went the other way, sponsoring a deal with loans from just one lender. Read More

Jumbo-Conforming Rate Spreads Narrow Once Again

Loan-level details from CoreLogic provide a comparison of interest rates charged on jumbos and conventional mortgages. One finding: Spreads returned to pre-pandemic levels in the second half of 2021. Read More

Non-Agency MBS Servicing Volume for SPS Leaps in Fourth Quarter

Select Portfolio Servicing added nearly twice as much servicing from just-issued non-agency MBS in the fourth quarter as it did in the third. Shellpoint remains the largest servicer of recently issued non-agency MBS. (Includes data chart.) Read More

Opportunities for Non-Agency Market in Loans for Second Homes

FHFA’s increase of fees on GSE mortgages for second homes could shift some volume into the non-agency market. Demand for second homes is also increasing. Read More

Western Alliance Bank Turns to Non-Agency Mortgages

Non-agency mortgages, both jumbos and non-qualified mortgages, look promising to Western Alliance Bank as margins on conventional-conforming loans compress and production falls. Read More

Lender Offering Mortgages to Borrowers with Cryptocurrencies

Milo Credit is offering a mortgage that allows borrowers to qualify solely by pledging Bitcoin. The lender’s asset treatment of Bitcoin varies significantly from how the GSEs view borrowers with cryptocurrencies. Read More

News Briefs

Chase issuing large jumbo MBS; more prime non-agency MBS; Velocity Financial originations hit a record in the fourth quarter; Boston Lending issues non-agency MBS with proprietary reverse mortgages; few FHA/VA mortgages make it into the non-agency market. Read More

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