The trading high for the year came in January at $331.9 billion when it looked as though rates might be headed south.

The activity in the non-agency MBS market is occurring even as some lenders are once again taking their investment-property volume to the GSEs.

One of the most active warehouse providers to non-QM lenders is Silvergate Bank in La Jolla...

Bayview's $823.2 million issuance will be the second largest non-agency MBS issued this year with GSE-eligible investment-property loans.

However, removals for loan modification or foreclosure processing edged up 2.2% to $11.14 billion in the third quarter.

CRT-specific hindrances have been jettisoned...

MBS guarantee fee pricing has become more level between the two GSEs since the uniform MBS was launched in 2019...

Loans in the new MBS have seasoned for an average of 5.5 months...

Prime non-agency MBS issuance jumped 51.9% from the second quarter to $26.58 billion in the third. Some $14.91 billion came from deals backed by traditional jumbo loans that exceed agency loan limits...

Waterfall Asset Management acquired the FHA mortgages from various third-party sellers in 2019 and 2020...