Beginning in March, the GSEs loosened certain appraisal standards due to complications from the coronavirus. A number of non-agency lenders are following the GSEs’ lead.
The jumbo market was humming along at the start of the year until volatility from the coronavirus disrupted lending in March. Originations of jumbos declined sharply and the sector lost market share. (Includes data chart.)
Neuberger Berman issued a non-QM MBS this week, ending a lull in issuance that started in late February due to volatility from the coronavirus. Other issuers also plan to return to the market.
Redwood took a $943 million loss in the first quarter amid volatility from the coronavirus. The REIT laid off about 35% of its employees in April, among other adjustments.
Profit at Velocity Financial declined in the first quarter and half the staff was temporarily furloughed. Still, the firm plans to issue an MBS in the coming weeks and get back on track.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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