Issuing a non-agency MBS isn’t cheap; trade groups push for data, timeline if GSEs change credit scoring models; Ginnie reiterates its buyout policy.

Ginnie Mae MBS issuance in April remained flat month-over-month even as refinance activity declined dramatically. (Includes two data charts.)

A handful of real estate investment trusts acquired non-QMs at a discount as interest rates increased during the first quarter. Lenders selling the loans took some losses but appear to have weathered the storm.

MFA Financial took a large loss in the first quarter as rising interest rates reduced the value of non-QMs on the REIT’s balance sheet. Lima One, a business-purpose lender now owned by MFA, was a bright spot.

Barclays sourced many of the mortgages in the MBS from Invigorate Finance, an aggregator founded in March 2021.

Originations at Velocity Financial increased in the first quarter despite an increase in interest rates. The lender’s income declined, though much of the drift was tied to a refi of corporate debt that could be beneficial in the long term.

The rating service’s proposal to notch ratings assigned by rival firms when assessing insurers didn’t sit well with the Justice Department, members of Congress and industry participants.

While investors in fix-and-flip and other business-purpose loans are taking a closer look at loan characteristics and lenders’ practices, lenders are adjusting and considering locking in longer-term financing.

The consumer sectors to watch out for include student loans, subprime auto and retail credit cards, according to Fitch Ratings.

Issuers of expanded-credit MBS stocked deals with $14.10 billion of volume in the first quarter of 2022, a record for the sector. A rise in interest rates helped to increase securitization activity. (Includes three data charts.)