Stronghill Capital of Austin, TX, has launched a new residential lending division that will focus on non-qualified mortgages, non-agency jumbos and loans for investment purposes. This comes at a time when the rest of the non-agency sector is caving in.
JPMorgan Chase is rolling out its first non-prime mortgage-backed security stocked solely with investment-property loans underwritten using debt service coverage ratios. Chase so far has focused on prime borrowers.
Facing continuous losses, Altisource Asset Management has tightened its underwriting standards. Meanwhile, management at AG Mortgage Investment Trust believes there will be opportunities at both the origination and aggregation level in the non-agency market.
JMP Securities initiates coverage of fix-and-flip lender Sachem Capital; S&P Global Ratings agrees to pay a $2.5 million penalty to the SEC; NYSE approves Impac’s compliance plan.
The nonbank’s margin plunged to negative 110 basis points in the third quarter, compared to 14 bps in the April-June period and down from 287 bps in the third quarter of 2021.
The real estate investment trust for now is focusing on managing liquidity and protecting its capital structure. Angel Oak Mortgage purchased only $62.4 million of non-QMs in the third quarter.