Presale reports for three deals backed by new originations were published this week. However, there’s uncertainty about how they will be received by investors due to market volatility related to the coronavirus.
The retail channel, which is the predominant source of jumbo originations, gained market share from the correspondent channel last year. (Includes data chart.)
Investors that are active in the market for non-QMs can’t seem to get enough of the loans or MBS. Meanwhile, large firms continue to avoid the sector due to concerns about liabilities and the lack of uniformity.
CFPB Director Kathy Kraninger says the relatively small size of the non-qualified-mortgage market is one of the reasons the bureau plans to change QM standards.
Congress is unlikely to increase the g-fee charged by the GSEs, though the FHFA may as part of efforts to “level the playing field” between the GSEs and the non-agency market.
Certain non-QM lenders’ underwriting tactics might not meet the CFPB’s ability-to-repay rule, according to Moody’s. It suggested tighter standards for bank statement mortgages and loans to the self-employed.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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