Pooja Pathak, a director at Metlife, an insurance company, said more non-QM assets are needed to meet demand from insurance companies, which are willing to pay a premium for the product.
Annaly is a prolific issuer in the sector, but the only other time the real estate investment trust’s expanded-credit deals topped $500 million in volume was during the refinance boom during the pandemic.
“The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying,” said Sam Khater, chief economist at Freddie Mac.
The MBA cautioned that a ruling by the Fourth Circuit against PHH Mortgage departed from standard practices and could have wide-ranging harmful impacts for lenders.
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