Record Loan Origination
Redwood Trust originated nearly $7 billion of loans in Q3, setting a new quarterly record amid a subdued housing market. Sequoia locked $5.1 billion, Aspire $1.2 billion, and CoreVest $521 million.
Sequoia Growth
Sequoia launched $5.1 billion of loans in Q3, a 53% increase from Q2, achieving a record for the platform and expanding its market share significantly.
Aspire Platform Expansion
Aspire locked $1.2 billion in Q3, nearly 4x the volume of Q2, indicating strong growth potential and a focus on well-underwritten loans with high credit scores and LTVs.
Strong Core Segment Performance
The mortgage banking segments maintained ROEs above 20% for 5 consecutive quarters, with a core segment's EAD of $0.20 per share in Q3.
Expanded CPP Investments Partnership
Redwood expanded its relationship with CPP Investments, increasing the borrowing facility from $250 million to $400 million.