MBS investors have largely been unscathed from rising delinquencies on non-QMs thanks to cures and structural protections. 

Valverde leaving Ginnie; Cherry Hill ditches Middleman; mortgage rate futures planned; strong master servicer ranking for Computershare; new ETF with MBS; SFA appoints new global head of advocacy.

October was the busiest month of the year for non-agency MBS issuance. Activity has been limited thus far in November, though there are plenty of deals in the pipeline.

Plenty of non-QMs are for sale as the year draws to a close, including a $211 million package of mortgages with an average yield of 8.024%.

Two new unrated RTL securitizations were issued in the past couple of weeks despite growing investor interest in rated deals.

Improved execution is prompting some issuers to stock non-agency MBS with agency-eligible investment property loans.

The $166 million unrated deal is the first in a shifting strategy for the RTL lender.

Attendance at the ABS East conference hit another record this week, with investors showing strong demand for structured finance products. Issuance is expected to remain elevated, helped by interest rate moves.

Issuance of MBS with non-qualified mortgages is growing even as insurance companies increase their purchases of non-QMs as whole loans. Investor demand for the products looks likely to remain strong.

The rating service proposed more closely aligning its criteria for rating U.S. residential MBS with how it assesses residential MBS in other countries. The likely result: no downgrades and many upgrades.