Correspondent sales of jumbo mortgages originated in 2024 increased by more than 60% on an annual basis. The largest sellers were almost all nonbanks, though Chase cracked the top 5 with its deliveries into non-agency MBS. (Includes data table.)

American Pride Bank in Georgia launched a new mortgage division last week focused on non-QM products.

Federal agencies have used the higher-priced mortgage designation as a proxy for subprime lending. Strategies vary among the biggest originators of higher-priced mortgages, including focusing on loans for manufactured homes or expanded-credit mortgages. (Includes two data tables.)

Debt service coverage ratio mortgages, residential transition loans and other alternative products include some unique features that can’t necessarily be handled well by servicing systems for standard residential mortgages.

While impairments on securitized debt service coverage ratio loans have increased, losses have been minimal.

Unison cuts equity loan APR; demand for vacation homes drops; Beeline starts affiliate network; weak demand for second homes.

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

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.