The securitization is the first issuance of 2024 through the Chase Home Lending Mortgage Trust shelf.

Purchase-mortgage applications increased even as interest rates inched up.

It's only the second jumbo MBS in the market thus far in January.

Applications for purchase mortgages in early January were down 20% on an annual basis.

Volume was down on an annual basis across prime, subprime, Alt A and scratch-and-dent deals.

The $455.6 million securitization of closed-end second liens is the largest securitization of newly-originated closed-end second liens seen in recent years.

Verus Mortgage Capital, already the top issuer of expanded-credit MBS, is planning to issue a $701.6 million deal, marking the largest issuance from the affiliate of Invictus Capital Partners in more than a year.

Expanded-credit MBS volume was down 27.2% on an annual basis and prime volume fell by 62.9%.

JPMorgan Chase is no longer the largest issuer of non-agency MBS.

The non-QM market will see outsized growth in 2024, according to industry participants.