Servicing portfolios at most of the major subprime servicers are shrinking, except at Citadel Servicing. The firm has more than doubled its servicing portfolio in the past year.
Activity in the non-agency MBS market is resuming after a slowdown in the second half of August. Presale reports for five deals have been published this month, led by prime non-agency MBS.
Production of expanded-credit mortgages increased in the second quarter but not by nearly as much as the surge in total originations. The sector was crowded out to some extent by conventional loan refinances.
Several real estate investment trusts, including MFA Financial and Starwood Property Trust, are expanding their portfolio of non-qualified mortgages. The loans provide attractive returns, whether retained or bundled into an MBS.
Credit Suisse jumps into the non-QM MBS market, tapping a lender that previously contributed to MBS from Western Asset Management Company. JPMorgan Chase and PIMCO separately brought innovative deals.
Originations of non-QMs by Impac fell in the second quarter as the lender increased production of GSE refinances. However, officials at the nonbank stress that non-QMs remain an important part of Impac’s business.
Moody's proposes a new way of treating private MI for loans included in non-agency MBS; Angel Oak launches a pre-qualification tool; Sachem's earnings down in 2Q; more
Many applications for non-QMs don’t make it to closing due to documentation issues that could possibly have been easily addressed, according to an analysis by a due diligence provider.
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