Non-QM, home equity originations and business-purpose loans from Newrez and Genesis Capital helped Rithm in the second quarter.

Kiavi, a residential transition loan lender, closed one unrated securitization last week and is marketing another rated issuance.

Jumbo MBS issuance is off to a strong start in the third quarter, with five deals marketing within the past two weeks.

A new reperforming loan securitization from MFA Financial includes loans originated through Change Lending’s low-documentation program.

Deephaven expands DSCR program guidelines; Ares Management markets first non-QM MBS in over a year; A&D Mortgage introduces a partner loyalty program; Angel Oak Mortgage REIT plans $50 million debt offering.

The $2.5 billion cap for Freddie’s pilot program to buy closed-end seconds should limit impact on the non-agency secondary market. But industry players worry about the long-term risks if the pilot is successful.

John Beacham, CEO of Toorak Capital Partners, said ratings on fix-and-flip securitizations are attracting more investor interest and prompting better pricing for issuers.

Innovation and concerns are arising in the home equity lending space as home values increase.

The housing environment and new rating methodology have led to an improving securitization market for business purpose loans.

Proposed regulatory changes on bank deposits have led to an increase in partnerships between Redwood Trust and depositories.