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Inside Nonconforming Markets

March 24, 2023

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Little Change in Jumbo Lending Channels in 2022

Retail remained the predominant source of jumbo originations in 2022. Changes in the makeup of the market are expected as Wells Fargo recently exited the correspondent channel. (Includes data chart.) Read More

First Republic Under Pressure Following Bank Failures

An effort by big banks to prop up First Republic Bank triggered downgrades by rating services and only temporarily paused the decline in the bank’s share price. The bank is considering various strategic options. Read More

ARM Originations Wither Away in Fourth Quarter

Lenders originating ARMs weren’t able to buck the broader trend of declining originations in the fourth quarter of 2022. Still, on an annual basis, the ARM share nearly doubled in 2022 thanks to rising interest rates. (Includes data chart.) Read More

Sterling Pleads Guilty to DOJ on Non-QM Fraud

The bank has been addressing fraud in its non-QM program since late 2019. The cleanup has involved fines, settlements, buybacks and the departure of more than 100 officers and employees. Read More

First-Lien Holdings at Banks Up Sharply in 2022

Holdings of first-lien mortgages at banks and thrifts increased by nearly 10% in 2022. First Republic Bank stood out with a nearly 30% increase. (Includes data chart.) Read More

Velocity Slashes BPL Production, Remains Profitable

Velocity Financial’s focus on non-agency business-purpose loans paid off in 2022. The lender’s income increased even as originations declined. Read More

Altisource Seeing Strong Demand for Whole-Loan Sales

Altisource Asset Management is now originating bridge loans and non-agency mortgages for investment properties. The firm has agreements to sell whole loans to insurance companies and asset managers. Read More

Shift to Non-QMs Not Enough to Revive Impac

The non-QM share of Impac’s originations increased significantly in 2022. Still, its margins declined due to competition among lenders for non-QMs and weak demand for the loans in the secondary market. Read More

News Briefs

Non-agency MBS issuance slows; Fund That Flip forms REIT for bridge loans; Arc Home hires Sprout’s former chief production officer. Read More

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