Originations of non-QMs and other expanded-credit products increased in 2022 while total mortgage originations declined. Citi was the top expanded-credit producer during the year.
Non-QM lenders and MBS issuers are making adjustments amid a volatile secondary market. Issues include timing for MBS issuance and competition for new production.
The jumbo sector lost some market share in the fourth quarter of 2022. Banks are tightening underwriting standards and seeing diminished demand for the products. (Includes data chart.)
Bulk servicing packages continue to hit the open market as the first quarter draws to a close. Meanwhile, Mr. Cooper puts a number on its 2022 layoffs, burying the disclosure in an SEC filing: 1,200.
Rising interest rates and financial volatility battered the non-QM market in 2022. This year almost has to be better by default, according to industry participants.
In a surprise move, loanDepot Executive Chair Anthony Hsieh has stepped down, though he remains as chairman. What’s clear: The LD founder is not a happy camper, as insiders sell stock and the firm’s fortunes fade.