Starwood Property Trust plans to be a regular issuer of mortgage-backed securities backed by non-qualified mortgages after successfully closing its first deal this week. Loans in the $374.1 million issuance were sourced from Impac Mortgage Holdings, which is working to increase non-QM production, delivering the loans to Starwood and potentially other outlets. Jeffrey DiModica, president of Starwood Property Trust, said the real estate investment trust expects to be a “frequent issuer” ...
Ellington Financial could issue its second mortgage-backed security backed by non-qualified mortgages before yearend, according to officials at the nonbank. “We are nearing critical mass of product for a follow-on securitization and plan for that later this year, subject, of course, to market conditions,” said Laurence Penn, Ellington’s CEO and president. At the end of the June, Ellington held $150.2 million of non-QMs. Mark Tecotzky, co-CIO at Ellington, noted that the firm is increasing ...
Two lenders recently launched proprietary reverse-mortgage products. Quicken Loans’ One Reverse Mortgage unit is offering Home Equity Loan Optimizer. “With HELO, many high-value homes, condominiums, and solar-panel homes may qualify for a reverse mortgage,” One Reverse said. “Along with that, there is no mortgage insurance premium required and the amount clients may receive in proceeds is up to $4.0 million.” Longbridge Financial launched its Platinum ... [Includes two briefs]
With refinance business drying up, more lenders and loan aggregators are entering the expanded-credit market, launching non-qualified mortgage programs and other products.
Mortgage lenders became slightly more daring in terms of the credit characteristics of the loans they sold to Fannie Mae and Freddie Mac during the second quarter of 2018, according to an exclusive new Inside Mortgage Trends analysis and ranking. [Includes two data charts.]
Secondary market trading for home-equity loans has increased across most market segments, thanks to greater available supply driven by higher prices, according to a new report from MountainView Financial Solutions, a Denver-based provider of financial services analytics and advisory services.
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