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.
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.
Carrington is expanding its guidelines and offering competitive pricing for non-QMs in the correspondent channel, aiming to gain market share. The company also works to help correspondent sellers mitigate risks on non-QM sales.
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