The impairment rate on securitized non-QMs fell to 7.9% at the end of May. Prepayments in the sector remain elevated as borrowers refinance.

Non-agency forbearance ticks up; Saluda Grade raises capital; Sachem launches SPAC.

Trump-era GSE policies that helped boost activity in the non-agency market could be reversed as Biden appointees take charge at the FHFA.

Churchill Real Estate launched a table funding option, Toorak a securitization and Sachem raised $43 million via a stock sale. Meanwhile, the fix-and-flip market was on the decline in the first quarter.

While many non-QM lenders suspended production last year, A&D Mortgage’s direct connection to the MBS market placed it in good stead.

Maxex receives new funding; Angel Oak expands retail branches; Ocwen to acquire Reverse Mortgage Solutions; non-agency forbearance flat.

Angel Oak Mortgage’s IPO fizzled, pricing below initial guidance. The REIT’s stock price also declined in its first day of trading.

Issuance of non-agency MBS with GSE-eligible loans is booming, largely due to restrictions on certain purchases by the GSEs.

Nine expanded-credit MBS hit the market in the past two weeks, with the deals largely backed by mortgages originated in recent months.

Trade groups representing lenders are urging regulators to maintain the link between QMs and loans exempt from mandatory risk retention.