Originations of non-QMs and other expanded-credit products increased in the third quarter though not as quickly as total first-lien originations, which were boosted by refi business. (Includes data chart.)
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The parent company of United Wholesale Mortgage was the top originator of mortgages in prime non-agency MBS issued in the third quarter. Underwriting standards haven’t changed much in the past year. (Includes two data charts.)
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Impac is making some changes aimed at increasing originations of non-QMs after focusing on GSE refis in 3Q19. The lender’s profitability took a hit as GSE mortgages offer lower margins than non-QMs.
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It’s still not clear how the CFPB will address the patch for qualified mortgages, prompting speculation among participants in the non-QM market. The bureau has the issue listed on its December agenda.
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One of the most common types of non-qualified mortgages is a loan for self-employed borrowers underwritten with bank statements. Borrowers often opt for a non-QM rather than re-file taxes.
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GSE 2020 baseline conforming loan limit; ARRC fallback language for ARMs; Finance of America Reverse reduces eligibility age for non-agency products.
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