Capital markets

The company also locked a record $4.7 billion in jumbo loans and significantly increased its business purpose lending from a year ago as its revenue mix shifted toward its taxable subsidiary.

The increased complexity of loss mitigation in the wake of the pandemic has increasingly prompted a growing number of mid-sized players to outsource, so constraints on one player could affect others.

Maxwell, a startup that operates an online platform catering to mortgage loan officers and smaller lenders, raised $28.5 million in equity funding from investors led by the venture firm Fin VC and Wells Fargo Strategic Capital.

Button Finance intends to use the capital to develop its underwriting platform and increase hiring.

The Series B investment round for the power buyer comes at a time when all-cash purchases account for almost a quarter of the market.

Several housing groups wrote a letter calling for “substantially improved written proposals” for the period starting in 2022, and support for chattel manufactured-home loans.

One winning bidder, who bought two of the four pools in the government-sponsored enterprise’s nonperforming loan offering, is a repeat buyer affiliated with a minority- and women-owned business.

The reception in the market to structured single-family CRTs' return at the government-sponsored enterprise was strong enough for it to plan to follow up this transaction with another one next month.

Gain on sale has dipped 130 basis points per loan since the third quarter last year, but over the same period, per loan expense is up by $1,216.

CEO Michael DeVito told attendees at the Mortgage Bankers Association’s annual convention in San Diego that the move is among the types of “cash-flow underwriting” updates the government-sponsored enterprise is considering.