Arbor Realty Trust issued a $727.2 million non-agency multifamily MBS. For the most part, these deals are uncommon because the GSEs dominate the market.

The non-QM whole loan market appears to have turned the corner from its recent doldrums. Some bids are now close to par.

A secondary market is developing for COVID-19-related forbearance loans where the mortgage has already funded but the consumer has asked for relief from their monthly payments.

The industry wants the SEC to align disclosure norms for publicly registered non-agency MBS with those followed in private placements.

A non-QM MBS closed last week and deals from other issuers are in the works. A prime non-agency MBS with newly originated loans was also introduced.

After non-agency MBS issuance all but froze in March, issuers are beginning to return to the market. Neuberger Berman issued a non-QM MBS this week and others are working on deals as well.

Semper Capital has agreed to pay $375,000 to settle charges that it inflated the value of certain investments in its non-agency MBS fund.

The bulk of non-agency MBS currently being issued is backed by seasoned mortgages. Rating services are also adjusting criteria to account for the coronavirus.

Thanks to economic damage caused by the coronavirus, the non-QM market is in tatters. Yet, opportunity abounds in the junk heap. Will Citadel become a specialty/subservicer?