The expanded-credit market got back on its feet in 2021 after being knocked down by the coronavirus. Originations were close to pre-pandemic levels and Angel Oak expects its production to double this year. (Includes data chart.)
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Firms active in nonprime servicing increased their portfolios by 7.5% on an annual basis in 2021. Servicers also are turning to loan modifications as forbearance plans end. (Includes data chart.)
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While delinquencies on non-QMs spiked in the early days of the pandemic, many of those borrowers returned to making payments or cured their debt without the loan holders suffering large losses.
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Aggregation of non-agency mortgages isn’t generating the types of returns seen in 2021, but it’s still a good business, according to officials at MFA Financial.
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AG Mortgage Investment Trust acquired $2.5 billion of non-agency loans last year, about half of them during the fourth quarter. The REIT is targeting returns of around 15% from non-agency MBS issuance.
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Western Asset Mortgage Capital took a third consecutive loss during the October-December period as it works to shift its investment focus to non-QMs and other non-agency products.
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Goldman Sachs is set to issue its first expanded-credit MBS, with four other firms also offering deals in the past two weeks. In the prime non-agency space, JPMorgan Chase has another large offering.
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Champions Funding enters the wholesale market for non-QMs; Angel Oak Mortgage Solutions expands the types of properties eligible for its investor cashflow program; LendingOne is offering a new single-family rental product; DBRS approves MetaSource as due diligence provider.
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