Income at Pennymac Mortgage Investment Trust declined by more than 50% in the first quarter of 2026 as the real estate investment trust put an emphasis on non-agency activity.

The residential debt platform launched this week. It is led by a former executive at Fidelis Investors.

The company, which focuses on securitizations of non-QMs and home equity loans, saw declines in the value of its assets.

After posting a $54.3 million profit in the fourth quarter, MFA Financial took a loss of $1.0 million in the first quarter of 2026 after posting losses on various non-agency assets.

Non-qualified mortgage performance improves in March; Deephaven expands guidelines for HELOCs.

FICO’s CEO argued that VantageScore isn’t gaining much traction in the MBS and ABS markets, and that the only way the score will take share with GSE mortgages will be if lenders game the system.

A handful of GSE specified-pool categories based on maximum loan amounts saw increased production in the first quarter, as did MBS backed by investor loans. (Includes data table.)

Policies put in place during the pandemic prevent many small banks and credit unions from selling small-balance loans to the GSEs, which constrains mortgage lending in rural and low-income communities.

With softening home price appreciation, expanded-credit MBS might not see loss severities increase thanks to low LTV ratios at issuance.

Despite ending his long hiatus on GSE talk, Trump fails to persuade skeptics that he’s ready to take Fannie and Freddie out of conservatorship anytime soon.