Total non-agency MBS issuance rocketed up 82.8% last year. A huge surge in traditional jumbo loans drove a big increase in prime MBS issuance, helped by the GSE-eligible investor-property sector. (Includes three data charts.)

It should be a busy year for non-QM securitization. Angel Oak plans to be in the market almost monthly while Acra is working on its first “big” deal.

The latest MBS from Blackstone includes non-agency mortgages for investment properties from various lenders. The firm’s pre-pandemic non-agency MBS were backed by loans from Finance of America.

UWM has its own non-agency MBS shelf, allowing the lender/servicer to directly issue deals. However, the company continues to contribute mortgages to non-agency MBS issued by others.

The SFA has developed a framework due diligence providers can use to help address uncertainty prompted by new qualified-mortgage standards.

Non-agency MBS hit the market ahead of Thanksgiving; rating upgrades possible with new commercial MBS methodology at Moody’s; timeshare securitization performance stable; Fitch extends comment period for proposed criteria to rate shipping container ABS; California launches tobacco-settlement securitization.

Nearly $4.0 billion of non-agency MBS with mortgages for investment properties was on offer in the past two weeks. Many of the deals are backed by GSE-eligible mortgages.

S&P recently downgraded its view of home prices at the national level to overvalued from undervalued. How rating services view home prices plays a role in credit enhancement levels for non-agency MBS.

To meet the securitization needs of a robust mortgage market, SitusAMC has staffed up big time. But is it done adding heads?

Moody’s is considering increasing credit enhancement requirements and capping ratings for mortgage warehouse lending securitizations that allow for “wet” loans.