Some debt service coverage ratio loan borrowers are deliberately going delinquent while they renovate a property to improve its long-term rental performance.

Poor quality appraisals and weak due diligence controls are leading to growing concern about appraisal values for non-QMs.

More extensive rehab projects and growing investor demand have pushed some lenders to consider getting more lenient with some standards for residential transition loans.

An evolving regulatory environment under the Trump administration has created new interest in mortgages backed by cryptocurrency like Bitcoin and Ethereum.

Delinquencies and loan modifications on securitized non-QMs resumed increasing in May. Issuance from 2023 is performing worse than prior vintages while deals from 2024 have benefited from improved underwriting.

A cornucopia of non-agency MBS hit the market in early July.

Retail lending among lenders in the analysis declined sharply during the first quarter while the correspondent and broker channels posted more modest declines in nonconforming production. (Includes two data tables.)

Impairment rate on securitized non-QMs rises in May; Rocket offering bridge loans; architecture firm to acquire non-QM lender; Chimera unit aggregating HEIs for securitization.

Federal agencies have used the higher-priced mortgage designation as a proxy for subprime lending. Strategies vary among the biggest originators of higher-priced mortgages, including focusing on loans for manufactured homes or expanded-credit mortgages. (Includes two data tables.)

Annaly started marketing an expanded-credit MBS last month just as President Trump announced new tariffs. The deal went through at a spread that likely wouldn’t have been achievable as recently as three years ago.