The REIT sources the bulk of its acquisitions of non-QMs from lending units affiliated with Angel Oak Companies, leaving more time for asset management and securitization activities.
In the past two weeks, $2.74 billion of non-agency MBS were gobbled up by investors. GSE-eligible mortgages for non-owner-occupied properties accounted for half of the dollar volume in the deals.
After a narrow loss in the first quarter, Impac boosted its non-QM originations, but the nonbank’s loss widened in the second quarter. Still, officials at the company are optimistic about the sector.
Annaly’s new conduit is acquiring non-QMs along with GSE-eligible mortgages for investment properties. Previously, the REIT’s main avenue for acquisitions was through bulk purchases.
Angelo Gordon Mortgage Investment Trust expects returns as high as 18% from securitizing non-QMs. The REIT and others are working to increase their acquisitions of the loans.
The three servicers added significant volume to their portfolios thanks to the surge in non-agency MBS issuance during the second quarter of 2021. The performance of securitized loans also continues to improve. (Includes data chart.)
The offerings in the non-agency MBS market range from deals backed by prime jumbo mortgages to investment-property loans that were eligible for sale to the GSEs to non-QMs.
Angel Oak’s REIT sees income decline; Zillow and LendingHome issue securitizations; non-agency forbearance level; Pretium adds director from Goldman Sachs.
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