Pennymac typically issues its own non-agency MBS.

Redwood Trust and an affiliate of AmWest Funding are in the market with separate non-agency MBS.

"Record To-Be-Announced activity [in March] was primarily driven by a spike in rate volatility amid heightened macro uncertainty and broader market volatility," Tradeweb said.

AmeriHome Mortgage Company is the sole originator and servicer of GSE-eligible loans in a new MBS being marketed by Annaly Capital Management.

MetLife's new global head of real estate and agricultural finance comes from Blackstone.

Ellington Financial is set to issue a non-agency MBS with GSE-eligible mortgages originated by Pennymac.

Fannie said the changes were made in response to feedback from lenders.

Mat Ishbia, president and CEO of United Wholesale Mortgage, hopes that “things will calm down, globally” to help reduce interest rates.

Analysts suggest that the incentives in the proposals to retain mortgage originations are stronger than the incentives for banks to increase their deliveries into MBS.

Some 68.0% of mortgages originated in 2025 were sold into mortgage-backed securities.