Securitization of non-agency mortgages for apartment buildings and hotels saw significant volume increases in the second quarter, while industrial and retail remained strong. However, agency multifamily MBS issuance fell. (Includes two data tables.)

The IRS approved a request from an asset manager to allow commercial PACE assessments as qualifying assets for REMICs. And Fitch has new commercial MBS criteria to assess commercial PACE loans.

Rithm will restate financials going back to 2021; commercial lending executives expect MBS issuance to remain strong; new wildfire risk mitigation recovery bond.

Arbor Realty Trust affirms accounting, business practices; Fannie offers new CRT tranche; two ABS issuers under pressure.

Cherry Hill plans to drop its external manager, consider additional strategic options; FHFA publishes historical VantageScore data; Computershare, NewRez receive master servicer ratings; commercial MBS from Morgan Stanley downgraded.

S&P Global Ratings has updated its ratings methodology for data center ABS to better account for property values and insurance risks.

Saluda Grade has acquired a minority stake in commercial real estate investment firm Hillcrest Finance.

Issuance jumped in May and volume year-to-date is well above the level of issuance seen in the first half of 2023. Investor demand has remained strong amid the surge in issuance.

Researchers show that U.S. insurance companies monitor the riskiness of the assets backing their CMBS bonds but they didn’t sell off significant portions of the portfolios.

Delinquency rates on commercial MBS in April hit a level last seen in September 2021. And AAA investors in a commercial MBS suffered a loss this month, a first for deals issued after 2010.