The non-agency market could gain from a reduction in GSE loan limits, revision in capital requirements for banks and updated requirements for publicly registered securitizations.

The mortgage insurer’s non-agency conduit started aggregating loans in late 2022.

The new platform uses blockchain to make it easier to verify fixed-income assets and to decrease trading timelines.

Fitch Ratings sees relatively smooth sailing for residential MBS this year while times are tough in the CMBS market, and the worst could be yet to come.

Cherry Hill plans to drop its external manager, consider additional strategic options; FHFA publishes historical VantageScore data; Computershare, NewRez receive master servicer ratings; commercial MBS from Morgan Stanley downgraded.

S&P lost a little market share in rating newly issued ABS but remained the top provider in the first quarter. Fitch had a similar experience in the non-agency MBS market. (Includes two data tables.)

Loans to foreign nationals are increasing in the non-agency MBS market, but inherent risks in the asset present ratings challenges.

There are plenty of buyers for non-QMs these days. And coupled with continued strong home values throughout most of the nation, sales of early payment default mortgages are not proving to be a burden.

The decline was driven by conventional-conforming mortgages and government-insured mortgages. The securitization rate for non-agency mortgages actually jumped in the first quarter. (Includes data table.)

Analysts are not “raising alarm bells” yet despite increasing delinquency rates in the non-QM mortgage-backed securities sector.