Last month, Impac agreed to sell a $4.1 billion Freddie Mac servicing portfolio to PNC Bank for an undisclosed sum...

Even more noteworthy: First Republic hasn’t issued any non-agency securities since the market meltdown of 2008.

Fitch and KBRA assigned preliminary AAA ratings to the new MBS. Both incorporated coronavirus-related stress measurements to their calculations...

Top contributors to the deal include 5th Street Capital with a 42.8% share and Sprout Mortgage (41.0%). Servicing is being divided among Specialized Loan Servicing (62.4%), Fay Servicing (31.4%) and Lima One Capital (6.2%).

Citadel currently is not originating but services a roughly $3.5 billion portfolio.

All of the mortgages in MFA’s planned MBS were originated by Citadel, leading to speculation that the deal was scrapped. However, a spokesperson for MFA said the REIT still plans to issue the security.

However, the question remains whether the bureau will announce significant changes to the current framework...

Other non-agency MBS in the pipeline include offerings backed by reperforming mortgages...

The active non-QM funders include ACC Mortgage, A&D Mortgage, First National Bank of America, Newfi Lending and Silvergate Bank. (Silvergate, up until recently, was also a warehouse provider of non-QM products.)