Occupancy fraud on jumbos; FoA to sell its business-purpose lending unit to Roc Capital; new CEOs at two leading fix-and-flip lenders; new COO at Deephaven.
Redwood Trust scaled back its jumbo business in 2022 and doesn’t have plans for a significant expansion any time soon, even with Wells Fargo’s exit from the correspondent channel.
Rising interest rates and financial volatility battered the non-QM market in 2022. This year almost has to be better by default, according to industry participants.
The DOJ continues to investigate issues involving a non-QM program Sterling Bank & Trust ended in 2019. Fallout from the program continues to cut into the bank’s profitability.
Conforming jumbos took the biggest hit in the fourth quarter as the volume of business Fannie Mae and Freddie Mac conduct in various noncore categories decreased.
Changes are under consideration for determining which firms qualify as community development financial institutions. Under a current proposal, CDFIs would have to follow the CFPB’s ability-to-repay underwriting requirements.
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