Vista Point Mortgage received an assessment by S&P, which suggests the firm is aggregating non-QMs with plans to contribute to non-agency MBS. The firm was founded by the former president of Impac Mortgage.
After halting its main non-qualified-mortgage program due to procedural issues, Sterling Bank and Trust is planning new products with tighter underwriting standards.
Redwood is prepping a large prime non-agency MBS while Quicken issued its second deal. Seer Capital has an expanded-credit product in the works and Velocity a small-balance commercial loan deal.
FDIC eases disclosure standards for non-agency MBS; industry seeks delay in revisions to risk-retention requirements; MBA wants NCUA to follow bank regulators on non-agency appraisal standards; Maxex touts trading volume; A&D Mortgage using LoanScorecard.
The CFPB is considering eliminating the DTI ratio metric when determining the QM status of a mortgage and instead basing the designation on the interest rate. The proposal was met with mixed reactions.
Presale reports for five prime non-agency MBS have been published in the past two weeks, including two deals from JPMorgan Chase. Many of the loans were funded by nonbanks and are eligible for sale to the GSEs.
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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