Guaranteed Rate jumped to the top spot in the first quarter of 2021 among lenders contributing to prime non-agency MBS. MAXEX Clearing also sharply increased its contributions. (Includes two data charts.)
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Prime non-agency MBS issuance continued to flow in April, helped by some new players. Expanded-credit activity has been limited recently, with a downturn in demand.
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Non-agency lenders are waiting for a decision from the CFPB on standards for qualified mortgages. The CFPB wants to extend the QM patch, though the Trump administration threw a wrench in that plan.
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Mortgage originations declined by 11% in the first quarter at First Republic while Redwood increased its lock volume by 21% from the fourth quarter.
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Non-agency originations of higher-priced mortgages declined by 35% on an annual basis in 2020. The higher-priced designation is a proxy federal regulators use for subprime mortgages. (Includes two data charts.)
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Redwood is trying to shift blockchain from a buzzword to practical technology for the non-agency MBS market. The firm made an investment in Liquid Mortgage, a blockchain-focused startup.
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After focusing on fix-and-flip lending in Connecticut for years, Sachem Capital is now lending in 10 states. The lender recently completed debt sales to fuel its growth.
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CSBS scaling back proposed standards for large nonbank servicers; SFA offers disclosures for non-agency MBS performance; non-agency forbearance increases; non-agency mortgage conduit launches; Redwood invests in finance company involved in SFR/bridge lending; PCMA expanding geographically.
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