Securitization of industrial properties, including data centers, was the hottest sector in non-agency commercial MBS last year. Meanwhile, all three agencies saw hefty increases in multifamily MBS issuance. (Includes two data tables.)

Lower interest rates and potential policy changes are expected to help drive an increase in prepayment activity this year.

A change in how MBS deals are rated led to more than 1,000 upgrades for tranches of deals backed by HELs and seasoned mortgages.

SFA’s new director of advocacy comes from CSBS; Ginnie adjusts platinum MBS pooling; earnings per share at Orchid Island Capital up in fourth quarter; Setpoint to acquire due diligence provider.

Fitch held on to the top ranking in ABS ratings through the first nine months of 2025. Kroll stretched its lead in RMBS ratings.

The securitization rate for residential mortgages originated during the third quarter was near the same level seen in 2019. Meanwhile, the share of GSE-eligible mortgages that flowed into MBS increased.

The non-agency mortgage-backed security market in 2026 is expected to grow with predictions of record issuance volumes.

Adoption of portable mortgages would be difficult under current practices in the secondary market. An official at Intercontinental Exchange believes that tokenization could address the issue.

Home equity investment securitization deal sizes increased with issuance in November and activity is expected to remain elevated in 2026 thanks to strong demand from investors.

The request came from the CRE Finance Council, the Mortgage Bankers Association and the Securities Industry and Financial Markets Association. The groups said the disclosure requirements have negatively impacted the commercial MBS market.