The impairment rate on securitized non-qualified mortgages didn't recover in December after a spike in November that was thought to be tied to the month ending on a Sunday.
GSE purchase-mortgage business with private MI declined at about half the rate of the decline seen in FHA purchase-mortgage business in the fourth quarter of 2025.
Rating criteria for securitizations of residential transition loans has helped boost investor participation in the sector, according to officials at Morningstar DBRS.