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.

Chase issued its fifth large prime non-agency MBS of the year, along with a number of more traditionally sized deals. United Wholesale Mortgage is also set to issue its first deal.

Nomura is set to enter the market with a deal backed by non-agency mortgages for investment properties while two other issuers also have deals with newer non-QMs. There’s also a rare non-agency MBS with jumbo reverse mortgages.

Non-QM impairment rate declines in April; non-agency forbearance update; Laurie Goodman appointed chair of MFA Financial’s board; White Mountain Capital boosting loan acquisitions; Synergy One offering HELOC with blockchain tech; capital raises and new financing for financing providers that allow homebuyers to make cash offers; Canopy approved by DBRS as due diligence provider.

The top three servicers of non-agency MBS issued during the first quarter of 2021 handled nearly 70% of the market. Shellpoint, the top-ranked firm, alone had a 41% share.

Angel Oak Mortgage, which primarily invests in non-QMs originated by affiliates of Angel Oak Companies, plans to become a public company.