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Highlights
- The non-QM share of originations shrank again to just 0.3% of production in the 3rd quarter, while the rebuttable presumption share expanded to 6.7%.
- Both the share of lenders offering and willingness to extend non-QM and rebuttable presumption loans eased, while willingness to extend plateaued at a high level for prime loans.
- Investor demand slipped sharply in the 3rd quarter with more lenders indicating a “wait and see” strategy with respect to investor takeout.
- Only 20.0% of respondents indicated full confidence in their own preparations for TRID after implementation in October and 75.0% were recommending longer lock periods for their clients.
- Finally, none of the respondents in this survey either benefit from or were willing to take advantage of the CFPB’s expansion of the small lender exemption under the qualified mortgage (QM) rule.
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