Lenders can use the QM standards drafted in the waning days of the Trump administration. But there’s no certainty new leadership at the CFPB will leave them as they are.
MFA Financial made an investment in a non-QM lender, Starwood Property Trust is closing in on a similar move, and Western Asset Mortgage Capital expanded its purchase agreements.
Nonprime servicing portfolios fell by 0.7% in 4Q20 and 4.1% year-over-year. But Select Portfolio Servicing boosted its receivables during the year. (Includes data chart.)
Bank and thrift first-lien holdings declined by 1.2% at the end of 2020, marking the first quarterly drop since the first quarter of 2017. The three largest banks reduced their holdings in the fourth quarter. (Includes data chart.)
A number of lenders have introduced new non-agency products with looser underwriting guidelines in recent weeks. Rocket and United Wholesale offered jumbos and Deephaven widened expanded-credit products.
Jumbo lending increased a scant 2% in the fourth quarter and held steady on an annual basis in 2020. The sector lost a significant amount of market share as agency refi business boomed. (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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