Originations fell by 20% as the market was disrupted in March by the coronavirus. Most of the major lenders suspended production during the month, ending the quarter with declines. (Includes data chart.)
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After issuance ground to a halt in March, five non-QM MBS deals came to the market in May and more are on the way. Transactions have been stocked with slightly seasoned mortgages.
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Among the lenders currently offering non-QMs, underwriting standards are tighter and interest rates on the loans are higher than earlier in the year. Industry participants are optimistic that the sector will rebound, eventually.
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For the first time in years, the amount of jumbo mortgage servicing outstanding declined on a quarterly basis. Looking forward, forbearance requests are a key issue. (Includes data chart.)
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A $335 million deal from Goldman Sachs is the first prime non-agency MBS in the market since mid-March. The transaction includes mortgages originated in the past few months.
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A coalition of industry trade groups asked the SEC to revise standards for publicly registered non-agency MBS. They suggested aligning standards with practices for private placements.
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Beginning in March, the GSEs loosened certain appraisal standards due to complications from the coronavirus. A number of non-agency lenders are following the GSEs’ lead.
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