The volume of jumbo servicing handled by 30 of the top firms in the sector declined by nearly 6% in 2020. The share of borrowers missing payments is increasing. (Includes data chart.)
After reducing its non-agency investments amid volatility from the coronavirus, Annaly is ready to ramp up activity in the sector. The REIT is acquiring non-QMs and packaging them into MBS.
Non-agency forbearance increases; personnel moves at Deephaven, Wells Fargo and Quontic; new non-agency MBS; a jumbo mortgage symposium; PCMA loosens standards for jumbo product.
Sterling Bank and Trust reached a settlement over faulty disclosures on the bank’s now shuttered non-QM program. The bank has upped reserves for further potential losses stemming from repurchases and loan sales.
Shellpoint processed more than 25% of the dollar volume of non-agency MBS issued in 2020. Servicers continue to grapple with elevated delinquencies, forbearance and concerns about disclosures. (Includes data chart.)
The servicing standards proposed by the CSBS for nonbanks need to be significantly overhauled or dropped altogether, according to industry com-mentors.
Citadel rebrands as Acra Lending; minimal non-agency MBS downgrades following review by Fitch; non-QM impairments decline; non-agency forbearance down slightly.
The Consumer Financial Protection Bureau late this week issued two final rules for qualified mortgages: One replaces the 43% debt-to-income ratio with a pricing threshold and the other creates a seasoned QM category.
Christopher Stanley, a security engineer at SpaceX, is the first member of Elon Musk’s Department of Government Efficiency to join a GSE board.
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