Originations of expanded-credit mortgages fell by nearly 30% on an annual basis in 2020 and the sector lost market share. But lenders in the sector believe production will gradually recover. (Includes data chart.)
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Lenders can use the QM standards drafted in the waning days of the Trump administration. But there’s no certainty new leadership at the CFPB will leave them as they are.
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MFA Financial made an investment in a non-QM lender, Starwood Property Trust is closing in on a similar move, and Western Asset Mortgage Capital expanded its purchase agreements.
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Nonprime servicing portfolios fell by 0.7% in 4Q20 and 4.1% year-over-year. But Select Portfolio Servicing boosted its receivables during the year. (Includes data chart.)
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Bank and thrift first-lien holdings declined by 1.2% at the end of 2020, marking the first quarterly drop since the first quarter of 2017. The three largest banks reduced their holdings in the fourth quarter. (Includes data chart.)
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A number of lenders have introduced new non-agency products with looser underwriting guidelines in recent weeks. Rocket and United Wholesale offered jumbos and Deephaven widened expanded-credit products.
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