A variety of non-QM mortgage-backed securities hit the market in the first two weeks of April, including a $404.3 million jumbo deal from Redwood Trust.

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Redwood Trust touted a new partnership with the Canada Pension Plan Investment Board as one of the first steps to increasing its activity in joint ventures.

A total of 11 new MBS hit the market in the past two weeks. Chase accounted for four of the deals, with two jumbo offerings, an investment property loan securitization in partnership with Visio-Beach Point Mortgage Trust and a securitization of closed-end second liens.

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Increased jumbo production from UWM helped boost broker originations, while Wells Fargo’s exit from correspondent lending hurt that channel’s market share as other lenders didn’t pick up the slack. (Includes data table.)

Redwood reported $21 million in net income in the fourth quarter, bouncing back after posting a $31 million loss in the third quarter.

New benchmarks point to improved underwriting standards compared with collateral in non-agency MBS prior to the financial crisis of 2008.

A sharp drop in jumbo originations in the fourth quarter of 2023 saw the sector’s market share of total first-lien originations narrow. (Includes data table.)

Liquidity challenges over the past year are expected to cause banks to sell jumbo loans to aggregators at a discount this year.