The top five producers of jumbos continue to offer the mortgages. The production picture is less clear at nonbanks, which don’t have portfolio capacity.
New Residential, Redwood and Two Harbors sold non-agency MBS holdings as REITs were hit with a surge of margin calls from their lenders. Efforts by the federal government to prop up the mortgage market haven’t done much for non-agency players.
Non-agency loans account for about 30% of all residential mortgages outstanding and, unlike with servicing for the GSEs or government-insured mortgages, there’s no standardization in how servicers will respond to borrowers facing financial difficulties tied to the coronavirus.
Non-QM MBS forum delayed; Patch rebrands as Noah and continues to offer home-equity sharing product; originations up and income down at fix-and-flip lender Sachem Capital in 2019; Anchor Loans taps former Radian executive as COO; Velocity late filing annual report due to coronavirus.
Nearly all the firms in a group of 30 servicers increased their jumbo portfolio in 2019. Chase and Truist were the only ones to see a decrease. (Includes data chart.)
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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