The Treasury report on housing-finance reform included a number of suggestions on how federal regulators could promote a level playing field between the GSEs and non-agency players.
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In comments on ways to address the end of the qualified mortgage patch, the Treasury suggested using a bright-line test while Redwood cautioned against using a metric based on the interest rate of a mortgage.
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Servicing portfolios stocked with jumbo mortgages continued to steadily increase in the second quarter. However, portfolio growth at the top two servicers hasn’t kept pace with the market overall.
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The top correspondent sellers of jumbo mortgages vary in where they sell loans. About half of sales in 2018 were to banks, about a third went to nonbanks and the rest was delivered directly to non-agency MBS.
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Among the top five states for originations of non-agency jumbos in 2018, production increased only in Florida on an annual basis. California remains the top state for jumbo lending.
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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.
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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.
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