It’s still not clear how the CFPB will address the patch for qualified mortgages, prompting speculation among participants in the non-QM market. The bureau has the issue listed on its December agenda.
One of the most common types of non-qualified mortgages is a loan for self-employed borrowers underwritten with bank statements. Borrowers often opt for a non-QM rather than re-file taxes.
Redwood’s mortgage banking income decreased in the third quarter as falling interest rates lessened demand for MBS. Execution rebounded in October after interest rates increased.
Moody’s assesses Quicken as an “average” originator of prime jumbos; Prosper ties up with BBVA USA to launch a HELOC product; Deephaven hires Kris-Ann Carduff as a vice president.
Production of jumbo mortgages at First Republic Bank and Flagstar Bank increased on a sequential basis in the third quarter. Volume was driven by refinances as interest rates fell during the quarter.
Several borrowers are opting for mortgages with balances right at the conforming loan limit even though interest rates on jumbos are often lower. Relatively tight underwriting standards for jumbos look to be the cause.
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