Non-agency originations of higher-priced mortgages declined to $32.29 billion in 2025. The loans accounted for just 1.7% of total originations last year. (Includes two data tables.)

Officials at Figure Technology Solutions see home equity lines of credit as a way to get into the residential mortgage market. They plan to expand into other offerings.

Started by a longtime participant in the non-agency market, Income Engine aims to help loan originators qualify borrowers for non-qualified mortgages.

Morningstar DBRS confirms Acra Lending’s originator ranking; Redwood Trust prices $125.0 million debt offering.

MBS investors are likely to charge a pay-up for securities backed by mortgages underwritten with VantageScore — at least until they’re confident prepayment speeds won’t accelerate.

Ginnie Mae President Joe Gormley said changes to the loss-mitigation policies for loans backed by FHA and the Department of Veterans Affairs revealed that some issuers had higher exposure to riskier loans.

New Fed Chair Kevin Warsh has long criticized the size of the Fed’s balance sheet, in particular, its massive holdings of agency MBS.

Without much relief in sight for borrowers’ pockets, the industry expects growth in non-agency securitizations from loans priced with higher risk premiums by Fannie Mae and Freddie Mac.

The auto and unsecured loan sectors are facing headwinds, while the credit card sector has a more stable outlook.

Consolidation among rights holders of music royalties will lead to less issuance but should boost deal performance as issuers will have more diversified asset pools, according to KBRA.