Figure Lending issued a securitization of home equity lines of credit this week with AG Mortgage Investment Trust acting as the retaining sponsor, a once uncommon practice in the non-agency market that’s gaining traction.

Delinquencies and loan modifications on securitized non-QMs resumed increasing in May. Issuance from 2023 is performing worse than prior vintages while deals from 2024 have benefited from improved underwriting.

The Real Brokerage made an investment in Flyhomes and will offer the lender’s buy-before-you-sell products in the wholesale channel.

A cornucopia of non-agency MBS hit the market in early July.

ARDRI appoints new vice president of wholesale production; delinquencies on closed-end second liens rising; New York Mortgage Trust raises capital.

Retail lending among lenders in the analysis declined sharply during the first quarter while the correspondent and broker channels posted more modest declines in nonconforming production. (Includes two data tables.)

Delinquencies on securitized non-qualified mortgages have increased but MBS investors have largely avoided losses to this point thanks to structural protections and improved underwriting.

ARMs accounted for 12.1% of total residential mortgage originations in the first quarter of 2025, down more than a full percentage point compared with the previous quarter. Still, production of the loans was up from the first quarter of 2024. (Includes data table.)

Non-qualified mortgages require extensive manual processes, but technology is now helping streamline originations.

eResi integrated with Intercontinental Exchange’s Encompass Investor Connect platform, looking to deliver non-qualified mortgages to investors.