Nearly 70% of the non-QMs originated in 2020 included an IO term, according to a new INM analysis. The top two lenders were banks. (Includes data chart.)

Churchill Real Estate launched a table funding option, Toorak a securitization and Sachem raised $43 million via a stock sale. Meanwhile, the fix-and-flip market was on the decline in the first quarter.

While many non-QM lenders suspended production last year, A&D Mortgage’s direct connection to the MBS market placed it in good stead.

Angel Oak Mortgage’s IPO fizzled, pricing below initial guidance. The REIT’s stock price also declined in its first day of trading.

Nine expanded-credit MBS hit the market in the past two weeks, with the deals largely backed by mortgages originated in recent months.

After temporarily suspending originations during the pandemic, wholesaler ClearEdge Lending is ramping up production of non-agency mortgages.

Trade groups representing lenders are urging regulators to maintain the link between QMs and loans exempt from mandatory risk retention.

Non-agency forbearance reading increases; non-QM lenders make personnel moves; Moody’s withdraws its jumbo assessment of Quicken Loans, Regions Bank to acquire home-improvement lender.

Nomura is set to enter the market with a deal backed by non-agency mortgages for investment properties while two other issuers also have deals with newer non-QMs. There’s also a rare non-agency MBS with jumbo reverse mortgages.