Florida is enacting new standards for business-purpose mortgages due to concerns that lenders were misclassifying such originations in an attempt to avoid regulations.
360 mortgage plans to originate $1 billion of mortgages that don’t require verification of a borrower’s income or assets. The pilot program is limited to non-owner-occupied investment properties, which aren’t subject to ATR requirements.
Banks and thrifts increased their holdings of first-lien residential mortgages in 2018, according to a new analysis by Inside Nonconforming Markets. [Includes one data chart.]
Lenders originating fix-and-flip loans and mortgages for single-family investment properties are seeing strong demand from investors in the secondary market.
Lower GSE loan limit not a priority for SFIG; whole loans present alternative to non-agency MBS for investors; jumbo MBS issuance may wane with home price appreciation...
Banks originating non-agency mortgages could better compete with the government-sponsored enterprises if the threshold for appraisal exemptions in case of residential real estate properties is raised, industry participants said.
Redwood Trust’s mortgage banking income in the fourth quarter was essentially level compared to the previous quarter even with lower origination volume and strong competition in the non-agency market.
Originations of non-agency jumbo mortgages declined in the fourth quarter as well as full year 2018, according to an Inside Nonconforming Markets analysis. The sector also lost market share with lenders noting weak demand. [Includes one data chart]