A slew of non-agency MBS hit the market; Roc360 forms a real estate investment trust; Deephaven Mortgage launches second mortgage product.

CrossCountry Mortgage teamed with Hildene Capital Management on originations of expanded-credit mortgages and MBS issuance.

The non-agency secondary market has been slow recently. But three new securities show there’s still some action.

After a lull around the end of the first quarter, a number of expanded-credit MBS have hit the market, with more deals planned.

Non-QM lenders and MBS issuers are making adjustments amid a volatile secondary market. Issues include timing for MBS issuance and competition for new production.

MISMO is working to update data fields established by the American Securitization Forum in 2009 for use in the non-agency MBS market.

Two new issuers are offering expanded-credit MBS, there’s a securitization backed by newly-originated second liens and the jumbo MBS market is showing more signs of life.

The performance of expanded-credit MBS was attractive to investors until interest rates increased throughout 2022. Higher rates cut into excess interest and slowed build-up of credit enhancement levels on outstanding deals.

Issuance of prime non-agency MBS nearly ground to a halt during the fourth quarter. For the full year, activity was down almost 60%. (Includes three data charts.)

Angel Oak Mortgage is among the nonbanks trying to sell off somewhat seasoned non-QMs that have interest rates well below prevailing rates.