The volume of rate/term refis in prime non-agency MBS more than doubled compared with the fourth quarter of 2024. Still, purchase mortgages dominate issuance.

Redwood Trust had a 73% increase in jumbo lock volume for the first quarter, helped by seasoned loans sold by banks.

Shellpoint Mortgage Servicing passed Newrez/Shellpoint with servicing tied to non-agency MBS issued in the first quarter. The bulk of SPS’ servicing is focused on expanded-credit mortgages.

Annaly started marketing an expanded-credit MBS last month just as President Trump announced new tariffs. The deal went through at a spread that likely wouldn’t have been achievable as recently as three years ago.

The nonbank launched a new product line with expanded-credit offerings for self-employed workers, asset-rich people, investors and buy-before-you-sell borrowers.

Rithm is both a buyer and seller of non-agency mortgages. Wider spreads in recent months have helped generate strong returns from loan acquisitions. Meanwhile, RTL production through its Genesis unit slowed during the first quarter.

The Michigan-based bank is putting an emphasis on a unique home equity line of credit product.

Impairment rate on non-QMs declines; new issuers of home equity loan securitizations; bank offers new jumbo ARMs via wholesale channel; proprietary reverse-mortgage product from Liberty Reverse Mortgage.

Proponents of the non-agency market see GSE reform as an opportunity to take steps to increase the non-agency share of activity in the secondary market. The Trump administration’s plans for the secondary market remain unclear.

A new bill sets exemptions for secondary market participants after a state regulator established deeply unpopular licensing requirements at the beginning of the year.