Activity in the non-agency MBS market is resuming after a slowdown in the second half of August. Presale reports for five deals have been published this month, led by prime non-agency MBS.

Refinances of jumbo mortgages increased significantly in the second quarter and accounted for 35.5% of total jumbo originations. Industry participants expect refi volume to remain elevated.

Jumbo originations increased across channels in the first half of 2019. The correspondent channel lost a little bit of market share while retail remained the dominant source of jumbo production.

The real estate investment trust received a positive no-action letter from the SEC regarding mortgage servicing rights acquired as part of its mortgage banking activities.

Originations of non-agency jumbo mortgages increased in the second quarter, spurred by low interest rates. The sector gained market share and some lenders said pipelines were strong heading into 3Q19.

Quicken increased its contributions to prime non-agency MBS this year, including $619 million of loans going into deals issued in the second quarter. Characteristics of the deals were largely unchanged.

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Redwood’s margins from non-agency mortgage activity declined in the second quarter and aren’t expected to increase much for the rest of the year, according to officials at the REIT. Redwood also has changed its MBS issuance strategy, putting seasoned mortgages into deals.

JPMorgan Chase is increasing its issuance of jumbo MBS backed by loans with relatively high LTV ratios. Meanwhile, Flagstar Bank is contributing loans to a jumbo MBS from Goldman Sachs.