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Non QM securitization broke records in 3Q: Morningstar
New securitizations of loans made outside the qualified mortgage definition set multiple records in the third quarter, according to a recent Morningstar DBRS report.The study, which analyzes data from CreditFlow, shows issuance of non-QM residential mortgage-backed securities climbed to $20.9 billion in the third quarter from $10.6 billion during the same period a year ago based on pricing information. Non-QM RMBS issuance had clocked in at around $17 billion based on pricing data in the second quarter.This year's volume through the end of September exceeded that of last year as a whole at $52 billion compared with $41 billion in 2024. September's $8.5 billion marked a record for a single month, according to the rating agency. Broader trends in the mortgage industryGrowth looks likely to persist with larger lenders showing more interest in getting involved in the sector as long demand continues. Notable examples of this include PHH Mortgage's introduction of a new non-QM suite and Rocket's recent launch of debt-service coverage ratio products."Origination volumes in the broader conventional mortgage space were similar to volumes in the same period last year while non-QM and other nonconventional product volumes continued to accelerate," authors Mark Fontanilla, Mark Branton, Corina Gonzalez and Quincy Tang wrote.The report also notes that non-QM has relatively higher delinquency rates than other RMBS types. So stakeholders may want to keep an eye on performance risk that's still historically low but is rising for some vintages.What non-QM performance and underwriting have been likeThe average 30-year delinquency rate for all 2019-2025 prime jumbo and non-QM vintages inclusive of bankruptcies, foreclosures and real-estate owned was 3.63%, Recursion and MBSData in the report show. For non-QM, the delinquency rate was 5.66% for the same period.Delinquencies in older vintages up to 2022 have been decelerating while they are accelerating at a relatively faster rate in the 2023-2024 loans, likely driven by a slight rise in historically low unemployment rates and flatter home prices.Weighted-average underwriting indicators include loan-to-value ratio of 69.9% and an average FICO credit score of 747. Debt-to-income ratios for the sector are "in the low to mid-30 range," according to the study. Most non-QM loans still have fixed rates. The adjustable-rate mortgage share, while low at 5.5%, has been growing, according to the report.
Mortgage field safety spotlighted after October murder
Whether they take photos, change locks or serve legal documents, mortgage inspectors and other field personnel need to plan for unexpected and dangerous situations on the job. The nature of the work means personal security can't be compromised. "I've been in this game for a while now, and I totally agree that safety is No. 1 priority," said Jaylana Hinson, a commercial and former residential field inspector, whose experience includes field work in Connecticut, Georgia and Florida. "In mortgage segments, just based on my experience, I know it can be dangerous out there, and this was years ago. I can just imagine what it looks like now," continued Hinson, who estimated that she might have visited several dozen properties on any given day during the height of the Great Financial Crisis. Even though they are aware that assignments can be fraught with different types of challenges, many like Hinson were left particularly shaken after the mid October incident in Northern Virginia that led to the shooting and death of one of their peers. Contractor Michael Dodge had been assigned to change locks on what was supposedly a vacant foreclosed home when he encountered an individual on the premises who attacked and killed him. The event highlighted the type of risks field workers face on their rounds, throwing the difficulties of encounters into the spotlight. "My contractors — I had one actually held at gunpoint and all of their equipment stolen from them a couple years ago," said Talia Ramirez, president of field services provider Spectrum Solutions. "I do believe it has gotten more dangerous. I didn't used to hear stories like this in the field." It's why the businesses like Spectrum place safety first, Ramirez continued."One thing about us and a lot of our competitors is we will never take a job where we're being forced to put our contractor in harm's way. We always tell our contractors, 'If you approach your property and it doesn't feel safe, don't approach it. Drive away.' We never want something to happen to them."Often, as was the case in Northern Virginia incident per news reports, the potential threats don't come from homeowners themselves, especially in situations where vacant units are involved. "We never know what we're walking into," Hinson said. "I've run into situations where the home was not secured. I've run into situations where the home appears to be secured — the door's locked, bars on windows. I go inside and there are squatters."About the mortgage field services employeeMortgage field services personnel consist almost entirely of independent freelance or contract employees who operate in a model that some compare to the gig-work economy. Assignments range from capturing internal or external photos to occupancy checks, preservation work or tasks requiring personal contact, such as legal process servers. "It's a range of folks that might not have any kind of license, all the way down to Realtors, appraisers, home inspectors," said Luke Tomaszewski, founder and CEO of Proxypics, a real estate technology platform that provides photos to servicers and valuation companies, about his contract employees. "Some of our clients do request somebody that might have a state credential," he added.Certain types of contractors, such as legal process servers, may also be mandated to hold licenses per state or local regulations. While field service companies might have salaried personnel who can perform the occasional inspection or site visit, the reliance on contractors is tied to the unpredictability of the work, where demand varies by season or region. The varied types of assignments makes local knowledge crucial to performing the job well. "You have to know the local ordinance," Ramirez said. "You want the guys on the ground living in those areas that know the local ordinances, know the laws, know the rules, so we can make sure that we're always following them."Local inspectors or process servers tend to know the local rules that shape what they can disclose and whether they're allowed to record or document a meeting, and their familiarity with the community helps them recognize when extra vigilance is needed.During the height of the Great Financial Crisis, many neighborhoods had scores of foreclosed homes. "You'd have to get out to those properties early in the morning, say a 6, 7 a.m. inspection, so you could avoid potential headaches," according to Tomaszewski. "If the servers know where they're going, they know which parts of town are going to be rough and which parts of town are not," added mortgage industry veteran Bill Newland, who is now vice president, business development, at 360 Legal, a firm providing official document delivery across various industries.Understanding a community's culture and routines, combined with investigative work, also can help servers get a step ahead of individuals they need to reach.In a past instance, a contractor was able to serve papers to an individual trying to dodge him by approaching him at church, Newland said. "Being around a bunch of people — that makes it a little bit safer, because you got a whole lot of people around. Typically, people won't act out at that time," he said. Whether they occur by plan or chance, interactions between current struggling borrowers and field employees may turn unpleasant, but housing leaders well versed in working with distressed homeowners stress that avoidance and highly charged situations involving the latter group are not typically fueled by outright hostility. "I think there's a mix of emotions," said Heather Bowman, director of homebuyer education programs at the Idaho Housing and Finance Association, a federally approved housing counseling agency. "They've gotten their notifications from their servicers but maybe they're scared to talk to them, they're afraid of telling their story." Helping borrowers understand loss assistance measures servicers provide before a mortgage gets to latter stages of delinquency can ease some of the burden on homeowners, who may see the bearer of bad news as an adversary. "They want to work with them and see what options are available to help them," Bowman said, referring to servicers. "Really, education is the key to helping homeowners in those situations."How field staff can best prepare themselvesWhile local expertise can help them handle or avoid difficult situations, other guidance and training are available to field staff, leaders advise. Wearing bright colors, name tags or clothing with company logos on them can add a look of professionalism that would lead residents or onlookers to believe that "you're not someone that's just randomly breaking into a home," Ramirez said. At Proxypics, contractors who perform interior inspection assignments are required to complete internal training, Tomaszewski said. The trade group National Asset Management and Field Services also makes safety training videos available to its members. "If I go in the field, I never go alone," Ramirez added. "We highly encourage our contractors to have someone else with them," she continued, while acknowledging that what is classified as allowable expenses by government agencies and enterprises limits how much companies can pay for personnel.While working in teams is a good safety precaution, it's not common practice, Hinson said. "Some people are taking their partner with them because they want to be safe, but for the most part, from my experience, most people are doing it solo," Hinson added. She emphasized, though, that those working alone should always keep others informed of their location, which can become difficult when trying to complete several assignments in a day. Some legal process servers go as far to use GPS-location trackers that show where they are visiting according to Newland. "People should always know where you are," Hinson said. The different challenges of urban and rural field workDistressed properties have no boundaries, which also can add wrinkles to the work being conducted, simply based on a home's location, industry leaders advise. Neighborhoods in cities with a high number of foreclosed properties may have been struggling to begin with, and the flight of residents only exacerbates safety and crime concerns. "We would have instances where you'd request a police escort in some neighborhoods to actually get into the house," Tomaszewski said.Meanwhile, rural work often requires long drives to remote properties where the nearest neighbor could be miles away, highlighting some of the perils of solo inspections. "There was a long driveway, and I get to the house that was supposed to be vacant," Hinson described a past rural property visit. "I get to the house and there's a pitbull inside, and somebody was in the house. And I was by myself" At that point, Hinson elected to promptly leave the scene. Rural assignments also carry risks of trespassing violations that jobs in large population centers might not, which make task completion impractical if not impossible, Ramirez pointed out. "What we run into a lot in rural areas is plotline issues where you have to go through the neighbor's road to get to the house behind it," she said. While the neighbor might have been fine with the former resident crossing through, "now some random person going to do a lock change and preservation work — they don't want them driving through." Regardless of where a supposedly empty property might be found or its condition, employee safety should be a priority for any business that asks an individual to enter the space, no matter what type of company they work for, Ramirez emphasized. The range of people requiring access could range from utility company employees, cleaners to real estate agents. "Anyone going into a property — they've just been sent to an address. You're putting yourself in harm's way," Ramirez said.
Luxury home price growth triples the pace of nonluxury homes
Home prices continue to tick up in all price ranges across the country, but none saw more significant change than luxury homes, which hit a record high for the month of October this year.Luxury home prices in the United States rose 5.5% year over year to a median $1.28 million, according to a new report from Redfin. That's roughly three times higher than nonluxury prices, which increased 1.8% to $373,249.Price growth at the high end has outpaced the middle of the market for the last two years, as wealthy buyers are more equipped to withstand the price pressures of the current market."Luxury buyers are still able to move forward in ways that many typical buyers can't right now, whether that's because they're paying in cash, benefiting from stock-market gains, or taking out smaller loans," said Redfin Senior Economist Sheharyar Bokhari in a press release Friday. "Those advantages make them less sensitive to high mortgage rates, which helps keep demand at the top of the market steadier," he added. "In contrast, a lot of middle-income buyers are holding off until monthly payments come down or their financial outlook improves."Luxury homes are those estimated to be in their top 5% of their metro area's price range. Nonluxury homes fall in the 35th-65th percentile, the report said.Despite the sharp rise in prices, luxury sales were up 2.9% year over year and nonluxury sales climbed 0.7%, although both were still close to decade-low levels.Pending sales also grew for luxury and nonluxury homes, increasing 2.1% and 1.4% from last year, respectively."The luxury market has been a little more protected over the past year, compared to non-luxury or starter homes," said Jonathan Buch, a Redfin Premier Agent in West Palm Beach, Florida, in the release. "Affordability challenges have made it more difficult to sell homes priced under $800,000, but high-end properties are still moving."While affordability issues persist, the situation improved for the fifth consecutive month in October on the back of year-low mortgage rates, according to the Mortgage Bankers Association.As a result of the high prices and relatively low sales, nonluxury home inventory rose 9.5% year over year, the highest level since October 2019, compared to a 6.4% jump to a five-year high for luxury homes. New listings of luxury homes were up 2.3% from a year ago, while nonluxury homes dropped 1.7%. Still, the number of homes for sale in both categories remain well below prepandemic levels.Higher prices have also made buyers more selective, and thus homes are selling slower. The typical luxury and nonluxury home took six days longer to sell compared to a year ago, at 58 days and 45 days, respectively.Early-contract activity slowed as well, with the share of luxury listings going under contract within two weeks falling 0.6 percentage points from last year to 26.7%. The share of non-luxury homes going under contract in less than two weeks decreased 2.9 percentage points to 31.3%, the report said.Regionally, Midwest metro areas saw the largest price hikes, with Warren, Michigan, and Milwaukee experiencing 14.9% and 13.5% increases, respectively. The only declines were in Tampa, Florida, 2.9%, and Oakland, California, 2.4%.Sales rose the most in Nashville, Tennessee, 20.3%, and fell the most in Philadelphia, 15.4%.
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