Aggregation of non-agency mortgages isn’t generating the types of returns seen in 2021, but it’s still a good business, according to officials at MFA Financial.
AG Mortgage Investment Trust acquired $2.5 billion of non-agency loans last year, about half of them during the fourth quarter. The REIT is targeting returns of around 15% from non-agency MBS issuance.
Western Asset Mortgage Capital took a third consecutive loss during the October-December period as it works to shift its investment focus to non-QMs and other non-agency products.
Goldman Sachs is set to issue its first expanded-credit MBS, with four other firms also offering deals in the past two weeks. In the prime non-agency space, JPMorgan Chase has another large offering.
Champions Funding enters the wholesale market for non-QMs; Angel Oak Mortgage Solutions expands the types of properties eligible for its investor cashflow program; LendingOne is offering a new single-family rental product; DBRS approves MetaSource as due diligence provider.
Nearly every company in a group of 30 prominent servicers of jumbo mortgages increased their respective portfolios during the fourth quarter. Jumbo servicing also increased on an annual basis. (Includes data chart.)
Expanded-credit mortgages and business-purpose lending are set to play a bigger role in Redwood’s operations. Third-party investments also generated strong returns for the REIT in the fourth quarter.
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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