Non-agency MBS brought to the market in the past two weeks were primarily stocked with jumbo mortgages and GSE-eligible loans for investment properties. There were also a few expanded-credit deals.

UWM is offering its first non-QM product in years; the impairment rate on securitized non-QMs declined somewhat in October.

UWM has its own non-agency MBS shelf, allowing the lender/servicer to directly issue deals. However, the company continues to contribute mortgages to non-agency MBS issued by others.

The Mortgage Bankers Association and the Housing Policy Council are calling on Ginnie Mae to end temporary pooling restrictions imposed on reperforming loans during the pandemic.

The SFA has developed a framework due diligence providers can use to help address uncertainty prompted by new qualified-mortgage standards.

The latest delay to implementation of margin requirements for agency MBS is tied to changes proposed to Rule 4210 following FINRA’s discussions with staff at the Federal Reserve and the SEC.

Nick Maciunas, head of agency research at JPMorgan, spoke about how COVID-related forbearance loan modifications may impact Ginnie investors during a recent podcast hosted by the agency.

Non-agency MBS hit the market ahead of Thanksgiving; rating upgrades possible with new commercial MBS methodology at Moody’s; timeshare securitization performance stable; Fitch extends comment period for proposed criteria to rate shipping container ABS; California launches tobacco-settlement securitization.

The public REIT portion of the Angel Oak Companies non-QM machine nearly tripled its income in the third quarter thanks to an increase in loan acquisitions and an MBS issuance.

The largest non-agency MBS on offer in the past two weeks was a $762 million deal from United Wholesale Mortgage. Barclays Capital is also set to issue an expanded-credit MBS.