New Residential ranked sixth among expanded-credit originators in 2019. The lender has been slower than other major players to restart non-QM lending due to a surge in agency refi business.
Redwood locked $2.1 billion of jumbos during the third quarter though it only acquired $176 million. The REIT is issuing MBS and selling loans to banks.
Some $1.64 billion of expanded-credit MBS and $1.06 billion of prime non-agency MBS hit the market in the past two weeks. The expanded-credit deals were stocked with older loans.
Maxex has aggregated more than $10 billion worth of product between its founding in 2016 and September of this year. More than $3 billion flowed through the firm’s exchange in the third quarter alone.
Originating non-QMs didn’t work out so well for Sterling Bank. After finding compliance issues, the bank ended its non-QM program and started to repurchase loans sold into MBS.
Imperial Fund, an affiliate of A&D Mortgage, issued its first non-QM MBS this week. Loans in the deal are concentrated in Florida and more than 15% went to foreign nationals or non-resident aliens.
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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