United Wholesale Mortgage was the top originator of prime mortgages securitized in non-agency MBS in 2019. Underwriting characteristics for the sector loosened modestly.
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The bureau’s plan to replace the QM patch could reduce the volume of mortgages that flow into the non-agency market, according to analysts. The CFPB is working to avoid disruption to GSE-eligible originations.
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First Republic Bank enjoyed a record year for originations while jumbo production declined at Flagstar Bank and Axos Financial. The banks noted that competition suppressed originations.
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Vista Point Mortgage received an assessment by S&P, which suggests the firm is aggregating non-QMs with plans to contribute to non-agency MBS. The firm was founded by the former president of Impac Mortgage.
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After halting its main non-qualified-mortgage program due to procedural issues, Sterling Bank and Trust is planning new products with tighter underwriting standards.
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Redwood is prepping a large prime non-agency MBS while Quicken issued its second deal. Seer Capital has an expanded-credit product in the works and Velocity a small-balance commercial loan deal.
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FDIC eases disclosure standards for non-agency MBS; industry seeks delay in revisions to risk-retention requirements; MBA wants NCUA to follow bank regulators on non-agency appraisal standards; Maxex touts trading volume; A&D Mortgage using LoanScorecard.
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