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.

Expanded-credit mortgages, jumbo loans and GSE-eligible collateral in MBS securitizations were all up in the first quarter of 2025. (Includes data tables.)

The lender is seeing strong demand from borrowers and the secondary market for non-agency business purpose loans.

Insurance companies are using whole-loan purchases to better define the credit box for originations.

Increased securitization issuance in the fourth quarter helped fuel profits for Ellington Financial.

New ratings methodology and additional historical data on home equity investments should boost investor demand for the product in 2025.

Although it booked a loss in the fourth-quarter, MFA believes a variety of management changes at its business-purpose affiliate lender will boost originations in 2025.

The firm has been restructuring its portfolio since 2022 with the goal of producing “durable” earnings.

A small group of lenders accounted for the majority of prime non-agency MBS issued in 2024. JPMorgan Chase was the leader in the market as both an issuer and lender. (Includes three data tables.)