The jumbo sector bucked trends in the broader mortgage market, with a 3.1% increase in origination volume in the second quarter. A handful of banks sharply increased their jumbo lending during that period. (Includes data chart.)
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Non-agency business-purpose lending is paying off for Velocity Financial. The firm turned a profit in the second quarter despite a decline in originations.
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Angel Oak Mortgage suffered widening losses in the second quarter amid weak demand in the secondary market for non-QMs. Still, officials at the REIT suggest that things are looking up.
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Among the top 30 jumbo servicers, portfolios increased during the second quarter. Servicing declined at top-ranked Wells and increased at nearly all others in the top 10. (Includes data chart.)
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Altisource Asset Management is acquiring bridge loans and plans to add non-agency debt service coverage ratio mortgages to its mix as it transitions from asset management to an originator of non-agency loans.
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For the first time since May, a non-agency MBS with GSE-eligible mortgages for investment properties hit the market. And Change Lending switched products with its latest offering, focusing on mortgages with income verification. Overall, issuance remains slow.
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Angel Oak settles with SEC on misreporting of delinquencies on fix-and-flip securitization; Sachem increases profits and originations in second quarter; LendSure launches five- to eight-unit DSCR product; rating services add firms to lists of acceptable due diligence providers.
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