The retail channel lost market share in the jumbo sector during the first quarter of 2020. However, retail remains the predominant source of originations for the product. (Includes data chart.)
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The impairment rate on non-QM MBS increased by more than five times in April as borrowers felt the side effects of the coronavirus. The worst performing non-QM loans were those to self-employed borrowers.
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Four deals were brought to the market in the past two weeks and more are in the works. However, issuance will slow as the recent activity was backed by loans originated before non-QM lenders halted production.
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The re-proposed capital requirements for the GSEs could prompt a shift in activity toward the non-agency market. The devil is in the details.
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CFPB issues proposed rule for LIBOR transition; non-agency forbearance rate declines; Chimera turns to alternative financing; Invictus launches commercial lender; SFA shifts date for annual conference.
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