A number of firms are working to increase originations of non-QMs and ramping up investments in the loans. It can be a highly profitable business, though investor demand is volatile.
As an increase in interest rates curtailed its GSE refi volume, Impac is rushing to ramp up originations of non-QMs. The firm also plans to issue its own MBS.
A flurry of non-agency MBS hit the market; the number of non-agency mortgages in forbearance increases; SFA raises concerns about CFPB’s proposal to establish a partial foreclosure moratorium; SFA to set up data tape task force; Sachem Capital generates $2.2 million of net income in 1Q21; new industry hires.
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.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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