Amit Siroya, managing director of residential investments, asset-based finance, at Barings, said RTL originations could slow in certain pockets that are seeing volatility in home prices.

Issuance of residential mortgage-backed securities increased by 13.8% on an annual basis, hitting $1.43 trillion in 2025.

“As part of those efforts, next week at Davos I’m going to provide much more detail about our housing policy so that every American who wants to own a home will be able to afford one,” President Trump said.

Issuers of non-agency MBS are in the market with expanded-credit, prime and closed-end second offerings.

United Wholesale Mortgage issued $145.24 billion of agency MBS in 2025.

Although holdings increased overall, two of the four largest players in the market reduced their holdings: Bank of America and Wells Fargo.

Five non-agency mortgage-backed securities started marketing Wednesday.

Loans originated by Rocket account for 47.4% of the $672.1 million jumbo MBS Redwood started marketing Tuesday.

Citizens Bank maintained its top HEL lender position with $3.10 billion of volume in the third quarter, down 0.9% from the previous three-month period.

Analysts noted that the non-agency MBS market will benefit from strong investor demand, including more new shelves participating in the sector.