Correspondent production of jumbos spiked 53.3% from 4Q20 to 1Q21, fueling a 2.6% increase in total jumbo lending.

The $303 million deal is the third MBS from Angel Oak this year and the largest of the three.

Then again, Fannie and Freddie don’t buy everything that’s eligible. In recent months, there has been a burst of non-agency MBS issuance backed by GSE-eligible loans...

The MBS will be the first from Citi with GSE-eligible loans and it marks PennyMac's return to the sector after years away.

For some sellers, the curbs don’t represent much of a bump in the road. For Quicken Loans, the top GSE seller over the 12-month period, investor/second-home loans were roughly 5.5% of its sales to both Fannie and Freddie.

Also, there will be no restrictions on loan size...

Fitch said the deal comes with “an irrevocable and unconditional guaranty,” courtesy of the Development Finance Corp. That means the securities, and any obligations associated with them, enjoy the full faith and credit of the U.S. government.

The privately held Guaranteed Rate is one of the top contributors to prime non-agency MBS. However, the firm hasn’t issued its own deal until now...

Banks may have ceded the residential lending game to nonbanks but they certainly love the end product...