The collateral is largely similar to previous deals from Starwood, though the use of additional lenders helped reduce the average seasoning time and increase the dollar volume.
First Republic’s IO holdings had a weighted average loan-to-value ratio of roughly 56%, based on appraised value at the time of origination. The loans have credit scores averaging 762.
“The importance in having a well-functioning, transparent and liquid non-QM market is arguably growing by the day,” according to analysts at Keefe, Bruyette & Woods.
The expanded credit sector (which includes non-QM lending) shows promise but accounted for just 2.8% of total residential MBS issued in the first quarter, according to Inside MBS & ABS.
Better.com’s other major backer is Citigroup. Better recently hired industry veteran William Buell to head the nonbank’s B2B platform. Buell has a deep resume, including stints at Bank of America, JPMorgan Chase and FirstKey…
According to court filings, Wachovia Capital Markets, which served as one of the underwriters and book-runners for the NovaStar deals, provided investors with misleading statements in its SEC registrations and offering documents.
Varde partnered with Deephaven in 2014 to help fuel the lender's origination of non-QM loans. Pretium is a signficant player in the single-family rental market. Last fall the firm agreed to buy specialty servicer Selene Holdings from Lew Ranieri and his partners.
Quicken Loans signed a $32.5 million agreement with the federal government to settle FHA underwriting allegations that accused the nation’s largest direct lender with fraud. As part of the deal, the privately held nonbank – the creation of Midwestern businessman Dan Gilbert – did not admit any wrongdoing and will continue to originate and service FHA loans…
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