The commercial MBS market continues to offer opportunities for investors willing to actively manage their portfolios.

Off and on since 2013, Egan-Jones Ratings Company has sought certification from the SEC for ratings of ABS. Last week, the SEC denied the latest application from the rating service.

A record $11.35 billion of industrial-property mortgages were securitized in non-agency CMBS during the second quarter. Office properties and multifamily also saw big gains, while agency multifamily MBS production faltered. (Includes two data tables.)

The guidance clarifies that data center securitizations aren’t considered ABS as defined in the Securities Exchange Act.

The ratings service said a “selective, disciplined, transaction-specific approach” is why its single-asset/single-borrower portfolio outperforms ratings by other firms.

Issuance of non-agency CMBS was up 13% from the fourth quarter to $41 billion, including big gains in retail, office and multifamily. But agency multifamily MBS production fell 22%. (Includes two data tables.)

Originator collateral misrepresentation and servicer reporting fraud also received a notable portion of votes for the most concerning schemes in a new survey from the Structured Finance Association.

Ratings from a single firm are increasingly common for single-asset/single-borrower commercial MBS, a sign of potential rating shopping.

SEC proposes to exempt MBS, ABS from Rule 15c2-11; Amherst offering single-family rental securitization; Morningstar offers “bring your own loan” rating analysis; subprime MBS from 1999 downgraded.

Saluda Grade has appointed a new co-chief investment officer to navigate its expansion into new investments in non-residential assets.