Are secondary market non-QM buyers getting choosier about the paper they buy in a rising interest rate environment? In some cases, the answer is yes. Then again, who can blame them.
Bank and thrift holdings of first-lien mortgages increased in the first quarter of 2022. Meanwhile, Wells Fargo and JPMorgan trimmed their portfolios. (Includes data chart.)
Turmoil in the secondary market regarding prices paid for expanded-credit loans may be feeding job cuts at Sprout Mortgage. It’s hard to say, though. The New York-based company is keeping a low profile.
FoA, which has been creeping into the expanded-credit sector in recent years, including fix-and-flip loans, is looking for a new CEO. The company became a public entity roughly 15 months ago.
What does the CEO of a publicly traded fix-and-flip lender earn? About $1 million a year in pay and stock. Then again, there’s only one such firm: Sachem.
Kroll Bond Rating Agency published a report focusing on mortgages originated by CDFIs and their inclusion in non-agency MBS. The Change Company defended its practices while Quontic Bank stopped offering “no ratio” loans.
Originations of adjustable-rate mortgages declined in the first quarter of 2022, but at a slower rate than the downturn in total first-lien production. ARMs accounted for 7.9% of total originations during the quarter. (Includes data chart.)
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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