Velocity Financial reduced its production of business purpose loans for the second consecutive quarter but remained profitable in the early months of 2023.
Republic First Bank exits mortgage business; LoanNex’s non-QM marketplace comes to LendingPad; Former Athas Capital CEO to launch non-QM shop; new non-agency MBS; Maxex debuts program for alternative-doc loans.
The volatility in interest rates, elevated housing prices and a lag in rental growth numbers are all prompting more investors to lock in loans with debt service coverage ratios below 1.0.
CPFB revises methodology for APOR; Fitch downgrades PacWest’s CRT; LendingOne taps ex-Sprout vice president for TPO business; DBRS adds new due diligence provider to “acceptable” list.
Issuance doubled compared with the fourth quarter of 2022. However, issuance slowed considerably in March following the failures of two regional banks. (Includes data chart.)
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