Fix-and-flip lending recovered in 2021 from a pandemic-led slowdown the previous year. Originations of short-term loans shot up nearly 75% on an annual basis. (Includes data chart.)

Are secondary market non-QM buyers getting choosier about the paper they buy in a rising interest rate environment? In some cases, the answer is yes. Then again, who can blame them.

Turmoil in the secondary market regarding prices paid for expanded-credit loans may be feeding job cuts at Sprout Mortgage. It’s hard to say, though. The New York-based company is keeping a low profile.