Among a group of jumbo lenders that report originations by channel, the broker share increased to 7.0% in the second quarter from 1.6% in the first quarter. The increase in market share was largely tied to United Wholesale Mortgage.
Some non-agency lenders are using the newer QM standards, which allow more loans to receive QM status. Others are waiting to see if the CFPB will alter the provisions.
Redwood’s already generating record volume in its lending/aggregation business, with plans to increase activity and expand its footprint. The firm might also eventually drop its real estate investment trust status.
Rocket’s $968.4 million jumbo MBS is one of the largest from a nonbank post 2010. And after years of contributing non-QMs to MBS issued by others, AmWest is going to issue its own deal.
CoreVest issued a securitization involving bridge loans for residential properties; a prime non-agency MBS issued by JPMorgan Chase in 2018 is on watch for a downgrade.
Chase issued another prime non-agency MBS with a balance topping $1.0 billion. The firm also issued an investment-property deal while Lone Star offered an expanded-credit MBS.
Originations of jumbo mortgages increased by 32% in the second quarter while total first-lien originations declined, helping the sector gain market share. Still, the share is below pre-pandemic levels. (Includes data chart.)
The lender curtailed its jumbo lending in the early days of the pandemic. Now, jumbos account for a growing share of United Wholesale’s production and the firm is issuing non-agency MBS.
An increase in jumbo originations helped to grow servicing portfolios at many shops during the second quarter. Top-ranked Wells Fargo, however, saw its jumbo servicing portfolio decline. (Includes data chart.)
In the past two weeks, $2.74 billion of non-agency MBS were gobbled up by investors. GSE-eligible mortgages for non-owner-occupied properties accounted for half of the dollar volume in the deals.
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