This week, Annaly, the Change Company, Credit Suisse and Lone Star Funds all offered their second individual expanded-credit MBS of the year. Activity is also humming along in the prime non-agency market.
Fitch’s review of 225 non-agency MBS prompts downgrade of a single tranche; Unison issues securitization with residential equity agreements; Carrington offers to complete certain non-QM origination tasks for brokers.
Angel Oak is sourcing loans from lenders beyond its affiliates, Invictus reached a diversification milestone and Angelo Gordon went the other way, sponsoring a deal with loans from just one lender.
Loan-level details from CoreLogic provide a comparison of interest rates charged on jumbos and conventional mortgages. One finding: Spreads returned to pre-pandemic levels in the second half of 2021.
Select Portfolio Servicing added nearly twice as much servicing from just-issued non-agency MBS in the fourth quarter as it did in the third. Shellpoint remains the largest servicer of recently issued non-agency MBS. (Includes data chart.)
FHFA’s increase of fees on GSE mortgages for second homes could shift some volume into the non-agency market. Demand for second homes is also increasing.
Non-agency mortgages, both jumbos and non-qualified mortgages, look promising to Western Alliance Bank as margins on conventional-conforming loans compress and production falls.
Milo Credit is offering a mortgage that allows borrowers to qualify solely by pledging Bitcoin. The lender’s asset treatment of Bitcoin varies significantly from how the GSEs view borrowers with cryptocurrencies.
Chase issuing large jumbo MBS; more prime non-agency MBS; Velocity Financial originations hit a record in the fourth quarter; Boston Lending issues non-agency MBS with proprietary reverse mortgages; few FHA/VA mortgages make it into the non-agency market.
The first non-agency MBS issued by a Community Development Financial Institution includes loans that didn’t require verification of borrower income or employment.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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