Borrowers and lenders increased their emphasis on ARMs in the second quarter as interest rates continued to spike. The loans accounted for more than 12% of total originations during that time. (Includes data chart.)
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Banks and thrifts added a significant amount of first liens, with a focus on adjustable-rate mortgages, to their portfolios in the second quarter. Overall, holdings increased by 4.2% between March and June. (Includes data chart.)
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Angel Oak Companies is grappling with weak demand for non-QMs. One of the firm’s lending units laid off about 20% of its staff last week and Angel Oak’s REIT unexpectedly replaced its CEO this week.
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The mortgage exchange will now facilitate originations and sales of various types of non-QMs, with “some of the industry’s most generous guidelines” for the products.
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After aggregating mortgages from some of the largest players in the non-agency market, Pacific Western Bank is looking to sell risk on the loans that have a total unpaid principal balance of $2.68 billion.
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The regulator is seeking input on how to help borrowers benefit when interest rates decline. Options include revising documentation requirements for streamlined refis and policy changes to spur product innovation.
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Rising interest rates and home price deceleration could limit fix-and-flip activity, though lenders active in the sector suggest that originations and profits remain strong.
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Non-QM impairments decline after two-month increase; Balbec unit offers non-QM MBS with loans from Sprout; new CIO at Redwood; Velocity quickly packages business-purpose loans.
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