Originations of expanded-credit mortgages increased by 2.5% in the third quarter on a sequential basis. But the sector lost market share as lenders continued to focus on GSE refis. (Includes data chart.)
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In the twilight of the Trump administration, the FHFA is taking steps that could make the non-agency market more competitive with the GSEs. A Democrat in the White House could mean otherwise.
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Proposed standards by state regulators for nonbank servicers could cause problems for smaller firms, according to industry attorneys. But state regulators defended the proposal ahead of the comment deadline.
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Select Portfolio Servicing gained ground during the third quarter but Shellpoint Mortgage Servicing remained the top servicer of non-agency MBS. (Includes data chart.)
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Three deals hit the market late last week. Chase issued a jumbo MBS backed by fresh loans while two other issuers packaged investment-property mortgages.
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Velocity resumed lending in September, predicting that production could hit pre-pandemic levels by the second quarter of 2021. The nonbank also took a large charge-off in the third quarter.
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