The expanded-credit sector is finally bouncing back from the disruptions faced for much of 2020. Originations in the second quarter of 2021 were close to pre-pandemic levels. (Includes data chart.)
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A rise in interest rates near the end of March helped lift ARM originations in the second quarter. Still, the product’s market share remained well below pre-pandemic levels. (Includes data chart.)
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For investors willing to shift from the agency MBS market into non-agency deals, the flow of GSE-eligible mortgages in non-agency MBS looks like a good proposition. Lenders, meanwhile, are taking a hit on pricing.
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Among a group of 15 servicers tracked by this publication, nonprime servicing balances were essentially unchanged between March and June. At the servicer level, there were some fluctuations. (Includes data chart.)
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Chase issued another prime non-agency MBS with a balance topping $1.0 billion. The firm also issued an investment-property deal while Lone Star offered an expanded-credit MBS.
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Non-QM warehouse securitization from Credit Suisse; HALO completes $450 million capital raise for rent-to-own platform; Milo launches wholesale lending for foreign national borrowers; Angel Oak restarts foreign national program; Redwood teams up with Frontiers Capital on venture investing effort.
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