Business-purpose lender Velocity Financial increased loan production in the first quarter of 2021 but income declined. The firm, which sold fewer loans in the first quarter, issued an MBS in May.
A flurry of non-agency MBS hit the market; the number of non-agency mortgages in forbearance increases; SFA raises concerns about CFPB’s proposal to establish a partial foreclosure moratorium; SFA to set up data tape task force; Sachem Capital generates $2.2 million of net income in 1Q21; new industry hires.
In the absence of the GSE patch, lenders have fewer incentives to rely on GSE eligibility when determining a loan’s QM status. Still, the final destination of a loan will depend on pricing in the non-agency market.
Guaranteed Rate sold $5.55 billion of jumbo mortgages to unaffiliated buyers in 2020, nearly three times the volume of second-ranked Quicken Loans. (Includes two data charts.)
Non-QM impairments decline; non-agency forbearance rate improves; non-agency reverse mortgage lender settles with CFPB; Redwood paying for its employees’ MI; PCMA partners with various advisors.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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