Originations of jumbo mortgages shifted somewhat toward the correspondent channel during the fourth quarter of 2021, helped by JPMorgan Chase and Wells Fargo. (Includes data chart.)
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Higher interest rates took a bite out of Angel Oak Mortgage’s profits in the fourth quarter, but its non-QM originations continue to remain strong. The firm also plans to maintain regular issuance of MBS.
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Velocity increased its income and originations from the third to the fourth quarter. The lender focuses on non-agency business-purpose loans.
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Banks and thrifts held $2.23 trillion of first liens at the end of the year, up 1.7% from the end of September. Trends varied considerably among the megabanks. (Includes data chart.)
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The firm boosted its originations of non-QMs during the fourth quarter, though company officials suggested loan production in the first quarter could decline.
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Six expanded-credit MBS hit the market in the past two weeks, including the largest deal since COVID upended the sector. Activity is much slower in the space for prime jumbos and GSE-eligible investment-property loans.
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A look at the performance of investment-property loans reveals some differences between GSE-eligible loans and non-agency mortgages. Performance also differed from owner-occupied prime jumbos and non-QMs.
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UWM offering bank statement mortgages; Spring EQ expands HEL guidelines; Toorak issues bridge loan securitization; non-QM impairments steady in January; new law to help with LIBOR-linked legacy deals.
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