The share of office properties in new commercial MBS is increasing and the use of upfront debt service reserves is fluctuating as issuers address the poor performance of outstanding deals.

At least some of the advantage enjoyed by the Treasury market over agency MBS can be attributed to structural differences in the two markets and how they evolved, according to Federal Reserve economists.

The security will be backed by non-qualified mortgages originated by A&D Mortgage, an affiliated lender.

The controversial refi-related LLPA from Fannie Mae and Freddie Mac has been delayed until later in the year. Might it be killed outright? (Lenders can only hope.)

Losses on non-agency MBS, a rarity for deals issued since 2010, look likely as forbearance plans for distressed borrowers end. Investors in the senior tranches appear to be safe for now.

Issuance of expanded-credit MBS was expected to remain suppressed after volatility in March halted activity. After a strong second quarter, industry analysts revised their projections.

The fall in prepayment speeds follows four successive months of steady increases. This may have something to do with how the rate is calculated.

Hoping to buy non-QMs on the cheap for an upcoming securitization? Forget it. The bargains are all gone. The good news: New lending is increasing from severely muted levels.

Beginning Sept. 1, all new floating rate quotes for multifamily loans can only be indexed to SOFR, the two GSEs said.

In a joint statement, the CEOs of Fannie and Freddie said the new adverse market fee will not increase borrowers’ costs, it will only reduce their savings.