Issuance of non-agency MBS fell 8.2% in the first quarter, with the decline driven by the expanded-credit sector. The non-agency MBS market essentially shut down in March due to fallout from the coronavirus. (Includes data chart.)
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The top five producers of jumbos continue to offer the mortgages. The production picture is less clear at nonbanks, which don’t have portfolio capacity.
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New Residential, Redwood and Two Harbors sold non-agency MBS holdings as REITs were hit with a surge of margin calls from their lenders. Efforts by the federal government to prop up the mortgage market haven’t done much for non-agency players.
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Originations of both ARMs and IOs increased in the fourth quarter and in all of 2019. Growth among IO lenders even outpaced the increase in total first-lien originations. (Includes two data charts.)
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Non-agency loans account for about 30% of all residential mortgages outstanding and, unlike with servicing for the GSEs or government-insured mortgages, there’s no standardization in how servicers will respond to borrowers facing financial difficulties tied to the coronavirus.
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Non-QM MBS forum delayed; Patch rebrands as Noah and continues to offer home-equity sharing product; originations up and income down at fix-and-flip lender Sachem Capital in 2019; Anchor Loans taps former Radian executive as COO; Velocity late filing annual report due to coronavirus.
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