Guaranteed Rate jumped to the top spot in the first quarter of 2021 among lenders contributing to prime non-agency MBS. MAXEX Clearing also sharply increased its contributions. (Includes two data charts.)
Prime non-agency MBS issuance continued to flow in April, helped by some new players. Expanded-credit activity has been limited recently, with a downturn in demand.
Redwood is trying to shift blockchain from a buzzword to practical technology for the non-agency MBS market. The firm made an investment in Liquid Mortgage, a blockchain-focused startup.
CSBS scaling back proposed standards for large nonbank servicers; SFA offers disclosures for non-agency MBS performance; non-agency forbearance increases; non-agency mortgage conduit launches; Redwood invests in finance company involved in SFR/bridge lending; PCMA expanding geographically.
Two non-agency MBS issued in March included a significant number of loans that didn’t receive full appraisals due to GSE policies. Rating services penalized the collateral by increasing assessed LTV ratios.
AIG is set to issue a jumbo MBS with new production and MFA Financial has a non-QM deal with loans that have seasoned for 16 months. A surge of issuance also looks likely later this month.
The investment-property lender boosted income in 4Q20 with a whole-loan sale. The firm is also planning to issue an MBS backed by recently funded loans in 2Q21.
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