JPMorgan Chase remained the top issuer of non-agency MBS in the third quarter, increasing its issuance by 25.8%. (Includes data tables.)

Genesis Capital has issued more than $1 billion in rated residential transition loan securitizations since Morningstar DBRS started rating the securitizations in March.

The new joint venture has already issued its first MBS, with expanded-credit mortgages originated by A&D Mortgage.

Life insurance companies are increasingly looking to expand their capital allocation in non-qualified mortgage investments, according to Angel Oak Capital.

Vacation rentals such as Airbnbs are increasingly being financed through debt service coverage ratio loans.

Morningstar DBRS created rating criteria for securitizations of home equity investments in mid-2023. Since then, issuance has blossomed, and the sky’s the limit, according to industry participants.

Delinquencies on non-QM loans are increasing despite servicers’ best efforts to ensure borrowers don’t go into foreclosure.

A slate of new non-agency MBS was announced over the past two weeks, including two of the largest non-QM deals of the year.

Strong returns post-2008 have led investors to increasingly consider non-qualified mortgage loans for their portfolios.

Investor demand for non-QMs is outpacing originator production, according to industry experts who spoke last week at the California MBA western secondary market conference.