United Wholesale Mortgage was the top contributor to jumbo securitizations in 2020. The average credit score, debt-to-income ratio and combined loan-to-value ratio on loans in jumbo MBS somewhat tightened in 2020. (Includes two data charts.)
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The non-QM market is poised for a comeback, helped by strong demand from investors in the secondary market. However, production is lagging as lenders continue to focus on agency refis.
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First Republic Bank reported increased production in the fourth quarter and for full year. Volume was down on an annual basis at Flagstar Bank and Redwood Trust.
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It’s taking longer to originate non-qualified mortgages and offload the product due to capacity constraints at due diligence providers and other third-party vendors.
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A significant portion of non-QMs could meet new standards for qualified mortgages, according to Kroll Bond Rating Agency. It’s also possible that the CFPB will alter the standards before they take effect.
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Chase is set to issue a $1.03 billion MBS backed by newly originated jumbos. Meanwhile, Credit Suisse and MFA have deals with slightly seasoned non-QMs and investment-property loans.
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The latest changes made to the GSEs’ preferred stock purchase agreement place limits on certain loan acquisitions by Fannie and Freddie. However, the move is unlikely to help the non-agency market.
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Strong application volume for non-QMs at PCMA; increased funding for investment-property mortgages; CFPB exempts smaller depository institutions from escrow requirements for higher-priced mortgages.
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