Retail-originated loans single-handedly boosted the jumbo market in the second quarter. Halfway through the year, retail loan production accounted for 86% of jumbo volume among a large group of lenders. (Includes data chart.)
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The CFPB’s proposal could drastically reduce the number of non-QMs originated while helping the non-agency market compete with the GSEs. Industry groups and consumer advocates endorse the tradeoff.
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Industry groups warn that most ARMs that reset within five years of origination won’t qualify for safe-harbor status under the CFPB’s qualified-mortgage proposal.
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Wells Fargo is set to issue its first expanded-credit MBS. Loans in the deal have seasoned for an average of 15 months and other issuers are prepping MBS with somewhat seasoned mortgages.
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Although three big banks reduced their first-lien portfolios during the second quarter, total holdings by banks and thrifts increased. (Includes data chart.)
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IO lending among a group of 15 prominent lenders increased by 35.3% in the second quarter. Banks accounted for nearly all of the increase. (Includes data chart.)
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