Angel Oak held $2.7 billion of product on its books at March 31, including non-QM whole loans and investments tied to MBS.

All of the top 10 GSE sellers saw their deliveries decline both sequentially and year to date.

April MBS issuance volume, which reflects originations, was the lowest monthly output since March 2020, just before the Fed launched a historic surge in refi activity.

MFA was holding whole loans with an average unpaid principal balance of $8.3 billion at the end of March.

The MBS contain mortgages from a variety of lenders, including newer production and loans originated more than two years ago.

No secret here: Annaly is becoming a player in the non-agency whole loan market...

Late payments on FHA loans narrowed by 78 basis points from the fourth quarter of 2021...

The increase in expanded-credit MBS issuance in 1Q22 was driven by non-QMs...

Another factor: the drop in repurchases appears to be driven by improvements in delinquency rates.

Freddie took in new business of $207.0 billion in the January-March period, down 23.6% sequentially...