Expanded-credit mortgages gained market share as total first-lien originations declined in the third quarter. Still, the sector accounted for only 1.1% of the total origination pie. (Includes data chart.)
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GSE loan limits will increase by 18.1% in 2022, with a threshold of nearly $1.0 million in high-cost areas, prompting the FHFA to evaluate the relationship between home price appreciation and loan limits.
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The Structured Finance Association has developed a framework due diligence providers can use to help gauge QM compliance. A large chunk of the document focuses on verification of a borrower’s employment.
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The amount of nonprime servicing handled by a group of 15 firms was essentially flat between the end of June and the end of September. Three of the top five firms in the sector saw their portfolios shrink. (Includes data chart.)
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Non-agency MBS brought to the market in the past two weeks were primarily stocked with jumbo mortgages and GSE-eligible loans for investment properties. There were also a few expanded-credit deals.
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Angel Oak is the latest expanded-credit lender to offer mortgages based on an individual tax identification number to individuals not eligible to obtain a Social Security number.
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