PennyMac Mortgage Investment Trust started issuing non-agency MBS in November as part of an effort to boost its investments in credit-sensitive assets. The REIT is now one of the most active players in the space.

Changes to Common Securitization Solutions, including being renamed U.S. Financial Technology, appear to set the company up to serve additional secondary mortgage market participants.

PennyMac Mortgage Investment Trust has been issuing about one prime non-agency MBS per month, stocking the deals with GSE-eligible mortgages for investment properties and second homes. Now the REIT is set to issue jumbo MBS.

The Federal Reserve is allowing its MBS holdings to run off in a predictable manner; Ginnie provides more details on change to buydown policy; Cerberus affiliate issues securitization of closed-end second liens.

Non-agency securitization of home equity loans resumed its rising trajectory after slumping in the fourth quarter of 2024. Rocket was the top issuer in the first quarter, focusing on closed-end second liens. (Includes two data tables.)

First-of-its-kind HELOC ABS from Figure; Morningstar downgrades assessment of Torchlight Loan Services; ABS roundup.

JPMorgan Chase is marketing a prime non-agency MBS with a payment structure typically only used with expanded-credit MBS. Fitch applauded the move.

MBS exempt from Maryland licensing requirements after all; Progress Residential scraps planned single-family rental securitization; ICE offers anonymous requests-for-quote for MBS sales.

Few issuers tried to price non-agency MBS in the days following President Trump’s tariff announcement last week. An expanded-credit MBS from Annaly priced at the widest spreads seen in more than a year.

An affiliate of Balbec Capital brought three deals in March alone with another set to begin marketing shortly. Goldman Sachs and Citi also issued non-agency MBS with reperforming loans.