Rising interest rates and financial volatility battered the non-QM market in 2022. This year almost has to be better by default, according to industry participants.

Most of the non-agency MBS on offer within the past two weeks was stocked with mortgages for investment properties.

Ginnie, by the way, ranked as the top agency MBS issuer for the fifth straight month.

Can nonbanks become significant players in the HELOC market and ride MBS execution to a new wave of dominance? Due diligence firms that facilitate such transactions hope so.

The loans backing the deal have average seasoning of 12 months.

Bottom line: Investment-property loans were a bright spot, accounting for nearly 60% of expanded-credit MBS...

Aided by cheap money and ultra-low mortgage rates, Ginnie EBOs could pad quarterly earnings...

Some analysts wonder if the fee cut is sufficient enough to drive the GSEs to resume issuing MBS with commingled collateral.

Investment-property loans gained share in expanded-credit MBS issuance and many of the typical contributors to deals were absent in the fourth quarter. (Includes three data charts.)

Six expanded-credit MBS started marketing within the past two weeks and there are also offerings of prime jumbos, HELOCs and even a credit-risk transfer deal from Santander Bank.