If lenders want to set themselves apart in an increasingly competitive purchase market, they will have to become experts in the non-QM space, according to officials at Deephaven Mortgage.
Nonprime servicing portfolios increased by 1.7% in the third quarter and 7.5% year-over-year. Only three of the top-10 players in the sector saw volumes decline from the second to the third quarter. (Includes data chart.
The adjustable-rate mortgage share of total production increased slightly in the third quarter, even though originations of the product drastically declined. (Includes data chart.)
There are still areas in the country where the jumbo market can grow, according to industry analysts. The only concern is if home prices fall as drastically in 2023 as some economists are predicting.
Invictus rolls out $755.6 million non-QM securitization; Angel Oak Mortgage responds to rumors; Carrington Mortgage Services launches second-lien product.
Despite a drop in jumbo originations, servicing portfolios at many shops increased during the third quarter. Top-ranked Wells Fargo saw its jumbo servicing portfolio go up by less than 1%, while second-ranked Chase did slightly better at 2.6%. (Includes data chart.)
Stronghill Capital of Austin, TX, has launched a new residential lending division that will focus on non-qualified mortgages, non-agency jumbos and loans for investment purposes. This comes at a time when the rest of the non-agency sector is caving in.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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