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Inside Nonconforming Markets

July 8, 2022

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Non-Agency MBS Issuance Falls Sharply in Second Quarter

Rising interest rates had a major impact on non-agency MBS issuance in the second quarter, with volume down nearly 40% on a sequential basis. Expanded-credit MBS issuance held up better than prime volume, though the ECM sector is now in turmoil. (Includes data chart.) Read More

Non-QM Market Facing Extremely Difficult Conditions

Two prominent non-QM lenders ceased operations in the past two weeks amid weak demand for the loans. Still, other market participants are stressing that they remain in strong operating positions. Read More

CFPB QM Review Announcement Prompts Speculation

Shortly after lenders adjusted to QM standards set in December 2020, the CFPB is initiating a review of the standards. Significant changes appear unlikely, though the seasoned QM option could be eliminated. Read More

Western Alliance Bank Completes Non-Agency CRT Issuance

Western Alliance Bank sold first-loss exposure on a pool of mortgages with an unpaid principal balance of $3.88 billion. The mortgages were acquired from various correspondent sellers and include many non-agency jumbos. Read More

Balbec Capital Affiliate Issues Its First IPL Non-Agency MBS

PRP Advisors issued its first non-agency MBS with newly originated mortgages for investment properties. To this point, Balbec’s non-agency MBS issuance has focused on seasoned mortgages. Read More

Jumbo Purchase-Mortgage Originations Tick Up in March

Lagging data aggregated from counties provides some new insight into trends in jumbo originations in the first quarter of 2022. Read More

Redwood Quantifies How Its Practices Meet ESG Standards

Redwood released a report with various ESG disclosures, addressing certain topics set by the Sustainability Accounting Standards Board. Read More

News Briefs

Non-QM impairments decline in May; SFA assessing TRID review scope; new hire at Angel Oak; New Residential rebrands as Rithm Capital. Read More

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