Annaly was the top producer of nonconforming loans through the correspondent channel among the survey group, increasing its production by 9.9% to $5.08 billion.

New investors include firms in Asia and Europe.

During a press conference Wednesday, Fed Chair Kevin Warsh suggested that he will wait to see recommendations from the new task forces before making any major changes at the Fed.

Recent changes by the NAIC and worsening conditions in the commercial real estate market have led insurance companies to devote more capital to non-QMs.

Non-QM investors prefer disciplined originators, instead of lenders who scale quickly even if it causes additional risk.

Rocket Companies is marketing a $706.0 million securitization of closed-end second liens.

Loans with balances above the baseline conforming loan limit accounted for 16.4% of total originations in the first quarter of 2026.

The planned $1.02 billion deal is the largest offering in the sector thus far this year and one of the largest since the establishment of non-qualified mortgages.

“The flatter yield curve is burning a hole in a lot of people’s pockets,” sai Alan Qureshi, president of Black Lake Investments.

“Two-thirds of mortgage holders compared quotes from multiple lenders during their most recent mortgage-shopping process, but only 54% attempted to negotiate,” according to LendingTree.