The CFPB likely will propose revisions to QM standards in May. Feedback from non-agency participants could be minimized as the market for non-QMs collapsed recently.
Redwood MBS could be downgraded due to stop-advance feature; Moody’s assesses Finance of America Mortgage; non-QM lender PCMA signs lease for new headquarters.
Following in the footsteps of Wells, a handful of correspondent aggregators have suspended originations of jumbo mortgages. Underwriting standards for the loans also have tightened.
Velocity Financial was increasing originations and income, then the coronavirus hit, halting issuance of a planned MBS and prompting the need for additional capital.
Investments in non-agency assets were offloaded by Annaly and MFA. Some of the loans sold by MFA were likely meant for a non-QM MBS that didn’t close in March.
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