“Our successful history originating this type of product, combined with our relationship with Macquarie, will allow Impac to make an immediate impact in the non-qualified mortgage space,” Joseph Tomkinson, chairman and CEO of Impac, said.
According to new analysis from the Housing Finance Policy Center team at the Urban Institute, there has been “surprisingly little impact” on the mortgage origination numbers since QM went into effect in January.
New Penn Financial entered into the burgeoning non-Qualified Mortgage territory and introduced the Home Buyer Power product. The product appeals to high-end customers who may be paying expensive metro-area rents.
Impac Mortgage Holdings reported second-quarter net earnings of $82 thousand or $0.01 per diluted common share after reporting a net loss last quarter, and it was one key element that helped drive lending volume forward.
Mini-correspondent lending divisions started to take off after the Consumer Financial Protection Bureau’s qualified mortgage rules went into effect on Jan. 10, creating a possible loophole for lenders and catching the CFPB’s regulatory eye.
Now that it's been six months since the CFPB's Qualified Mortgage requirements went into effect, lenders are starting to look into the unchartered territory of non-QM lending, finding that there is, in fact, demand.
A wide range of companies making the 2014 HW Fast50 suggests that — are you ready for this? — maybe things aren't as bad in the U.S. mortgage and housing markets as some breathless press might otherwise suggest. After all, our rankings this year include mortgage insurers, investors, loan servicers, technology specialists and dot-coms, home builders, real estate services companies, mortgage bankers and more..
Last October, HousingWire highlighted several correspondent lenders and gave a broad overview of where this division of mortgage finance was heading. We are happy to report that those lenders are still doing a robust set of business, although the road remains no less rocky. But as we said last year, at least there’s a road to begin with. Read More
As our business moves into a new era of low profitability, increased expenses, and intense regulatory scrutiny, virtually every mortgage executive needs to experiment with ways to increase productivity and CFPB compliance while reducing overall operating costs. Read More