Originations of non-QMs and other expanded-credit products increased in the third quarter though not as quickly as total first-lien originations, which were boosted by refi business. (Includes data chart.)

Impac is making some changes aimed at increasing originations of non-QMs after focusing on GSE refis in 3Q19. The lender’s profitability took a hit as GSE mortgages offer lower margins than non-QMs.

GSE 2020 baseline conforming loan limit; ARRC fallback language for ARMs; Finance of America Reverse reduces eligibility age for non-agency products.