Angel Oak Mortgage suffered widening losses in the second quarter amid weak demand in the secondary market for non-QMs. Still, officials at the REIT suggest that things are looking up.
Among the top 30 jumbo servicers, portfolios increased during the second quarter. Servicing declined at top-ranked Wells and increased at nearly all others in the top 10. (Includes data chart.)
Altisource Asset Management is acquiring bridge loans and plans to add non-agency debt service coverage ratio mortgages to its mix as it transitions from asset management to an originator of non-agency loans.
For the first time since May, a non-agency MBS with GSE-eligible mortgages for investment properties hit the market. And Change Lending switched products with its latest offering, focusing on mortgages with income verification. Overall, issuance remains slow.
Angel Oak settles with SEC on misreporting of delinquencies on fix-and-flip securitization; Sachem increases profits and originations in second quarter; LendSure launches five- to eight-unit DSCR product; rating services add firms to lists of acceptable due diligence providers.
Redwood’s jumbo acquisition volume declined by more than 40% in the second quarter and the REIT took a loss on its residential activities. Officials at Redwood said the company is well-positioned moving forward.
Annaly is seeing strong returns from its aggregation and sales of non-agency mortgages even with weak demand in the secondary market. The REIT boosted its non-agency MBS issuance with plans for further growth.
MFA Financial took another loss in the second quarter as its holdings of non-QMs lost value and MBS with the loans was met with weak demand. The nonbank’s business-purpose lending unit also took a loss.
After a nearly 30-day lull, MBS with prime jumbos hit the market. An offering from Chase was significantly smaller than the issuance from the firm in the past. A number of expanded-credit MBS are also on offer.
Dwindling refis and record levels of home equity are making home-equity products attractive for nonbanks. The challenge is competing with banks that have the capacity to hold HELOCs and the like in portfolio.
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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