Conforming jumbos took the biggest hit in the fourth quarter as the volume of business Fannie Mae and Freddie Mac conduct in various noncore categories decreased.
Changes are under consideration for determining which firms qualify as community development financial institutions. Under a current proposal, CDFIs would have to follow the CFPB’s ability-to-repay underwriting requirements.
Six expanded-credit MBS started marketing within the past two weeks and there are also offerings of prime jumbos, HELOCs and even a credit-risk transfer deal from Santander Bank.
With potential first-time homebuyers facing affordability issues, some homes that would have been flipped are now being offered for rent, shifting financing strategies for borrowers.
There’s a new program focused solely on a borrower’s business bank statement and a second-lien offering where non-QM borrowers can take cash out without refinancing.
Delinquencies on non-QMs increase again; Altisource hires COO for non-agency effort; DBRS adds Verity Global Solutions as an acceptable due-diligence provider.
Wells Fargo was a major player in the jumbo correspondent channel, with a nearly 20% market share. A handful of banks have a strong presence in this category, while nonbank competitors have faced hurdles.
Non-agency MBS issuance perked up in early January as investor demand improved. Redwood Trust offered a jumbo MBS after a year-long lull in issuance and expanded-credit MBS issuers priced deals at tightening spreads.
The impairment rate on securitized non-QMs posted its largest one-month jump in November since the early days of the pandemic. Hurricane Ian was a factor.
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