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Inside Nonconforming Markets

September 30, 2022

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ARM Originations and Market Share Increase in Second Quarter

Borrowers and lenders increased their emphasis on ARMs in the second quarter as interest rates continued to spike. The loans accounted for more than 12% of total originations during that time. (Includes data chart.) Read More

Bank Portfolio Holdings Jump in Second Quarter

Banks and thrifts added a significant amount of first liens, with a focus on adjustable-rate mortgages, to their portfolios in the second quarter. Overall, holdings increased by 4.2% between March and June. (Includes data chart.) Read More

Angel Oak Facing Difficulties Amid Non-QM Volatility

Angel Oak Companies is grappling with weak demand for non-QMs. One of the firm’s lending units laid off about 20% of its staff last week and Angel Oak’s REIT unexpectedly replaced its CEO this week. Read More

Maxex Adds Non-Qualified Mortgages to its Exchange

The mortgage exchange will now facilitate originations and sales of various types of non-QMs, with “some of the industry’s most generous guidelines” for the products. Read More

PacWest Bank Bundles Non-Agency Mortgages into CRT

After aggregating mortgages from some of the largest players in the non-agency market, Pacific Western Bank is looking to sell risk on the loans that have a total unpaid principal balance of $2.68 billion. Read More

CFPB Considering Revisions to QM Standards for Refis

The regulator is seeking input on how to help borrowers benefit when interest rates decline. Options include revising documentation requirements for streamlined refis and policy changes to spur product innovation. Read More

Fix-and-Flip Market Faces Uncertainty as Rates Rise

Rising interest rates and home price deceleration could limit fix-and-flip activity, though lenders active in the sector suggest that originations and profits remain strong. Read More

News Briefs

Non-QM impairments decline after two-month increase; Balbec unit offers non-QM MBS with loans from Sprout; new CIO at Redwood; Velocity quickly packages business-purpose loans. Read More

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