United Wholesale Mortgage was the top originator of prime mortgages securitized in non-agency MBS in 2019. Underwriting characteristics for the sector loosened modestly.

The bureau’s plan to replace the QM patch could reduce the volume of mortgages that flow into the non-agency market, according to analysts. The CFPB is working to avoid disruption to GSE-eligible originations.

First Republic Bank enjoyed a record year for originations while jumbo production declined at Flagstar Bank and Axos Financial. The banks noted that competition suppressed originations.