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Inside Nonconforming Markets

November 11, 2022

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Prime RMBS Market Flops in 3Q22: Five Deals Issued

Lenders cut back on jumbo originations in the third quarter, and they kept most of what they produced. The result: a 73% nosedive in prime RMBS issuance from the second quarter. (Includes three data charts.) Read More

A Major RMBS Servicing Platform May Change Hands

Credit Suisse has a tentative deal to turn over its Securitized Products Group to an investor group led by Apollo Global Management. The deal could include Select Portfolio Services, one of the top nonprime servicers in the industry. (Includes data chart.) Read More

Another Miserable Quarter for Non-QM Lender Impac

The nonbank’s margin plunged to negative 110 basis points in the third quarter, compared to 14 bps in the April-June period and down from 287 bps in the third quarter of 2021. Read More

Negative Asset Marks Drag Angel Oak REIT Into Red

The real estate investment trust for now is focusing on managing liquidity and protecting its capital structure. Angel Oak Mortgage purchased only $62.4 million of non-QMs in the third quarter. Read More

The Next Non-QM Shop to Exit: Athas Capital

It’s been a tough year for non-QM shops as lenders adjust to a new rate-driven reality. Company closings appear to be picking up, but some believe the worst of it might be over. The latest to cease originations: Athas. Read More

Velocity Shifting to Defensive Posture; Records Strong 3Q22

The business-purpose lender is “intentionally” slowing originations. No big surprise given that the non-agency market overall isn’t doing well. Read More

Four Non-Agency MBS Offered in Early November

Two of the deals are backed by investor debt service coverage ratio mortgages. There is also a 100% HELOC transaction in the works. Read More

Rithm Capital Slowing Down Business-Purpose Lending

Another non-agency player assuming a defensive position is Rithm Capital. The firm has cut loan-to-value ratios and tightened underwriting. Read More

MFA Financial Hit by Negative Asset Marks in 3Q

The REIT believes the best opportunities are in business-purpose lending. But higher rates and tighter underwriting will slow originations. Read More

Losses Pile Up for FOA in 3Q; Betting on Reverse Mortgages

The losses were driven by negative asset marks and impairment of assets related to its soon-to-be-shut mortgage originations business. Read More

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