Qualified Mortgages

“One” is the first in a series of non-agency mortgages the wholesaler plans to introduce this year.

It is only a modest positive for new publicly-traded mortgage companies if acting Federal Housing Finance Agency head Sandra Thompson rolled back the caps put in place by the agreement with the Treasury.

The company provides a secondary market outlet for its retail and wholesale lending corporate sibling as well as for small balance commercial loans.

While the product was hard to find after the start of the pandemic, the Consumer Financial Protection Bureau’s recent changes to Appendix Q are giving a pair of large wholesalers the chance to offer it as a qualified mortgage.

The company is shifting some of its conforming-focused call center resources not just into the growing non-QM channel but to Veterans Affairs products as well.

The subsidiary of New Residential Investment produced nearly $400 million in non-QM volume in the first quarter of 2020 before putting a hold on the product offering in March.

Upcoming changes to underwriting regulations, as well as the end of the QM patch, in addition to growing home values, all add up for this market to have a good year.

The company is finding it challenging to ramp originations back up after spending most of the second quarter on the sidelines.

Existing-home sales reach 14-year high as bidding wars increase across the country.

The agency confirmed that loans backed by Fannie Mae and Freddie Mac can continue avoiding debt-to-income limits as the bureau completes a revamp of the Qualified Mortgage standard.

The CEO of SWBC Mortgage discusses her top priorities for the Mortgage Bankers Association, the election, the CFPB's seasoned QM proposal and what to expect at this week's conference.

For many borrowers who might have qualified for conventional financing before the pandemic, non-QM loans are the only path forward toward homeownership.

The Consumer Financial Protection Bureau's overhaul of its Qualified Mortgage standard is alarming free-market advocates who say it will precipitate a return to easy credit and higher defaults and could disproportionately harm minorities.

With the onset of COVID and the reaction by the Federal Reserve Board and other agencies, market pressures have reduced credit availability significantly.

The proposals offer lenders both cause for celebration and for concern.

The agency’s plan to extend the "qualified mortgage" stamp of approval to more loans could help lenders that rely on alternative data and cushion the blow of other QM changes for Fannie Mae and Freddie Mac.

The new reality for investors and originators accounts for forbearances and ability-to-repay.

The Consumer Financial Protection Bureau says the proposal would increase access to credit, but consumer groups argue that it will encourage lenders to make high-cost loans while protecting them from legal liability.

In a letter to the Consumer Financial Protection Bureau, the Mortgage Bankers Association recommended adding six more months to the latest GSE patch proposal.

The company reported nearly $23 million in losses for the second quarter, but that was an improvement on a quarter-to-quarter basis.