While non-agency MBS issuance was essentially level in the first quarter of 2022, there was some movement among servicers in the sector. Servicing activity at Cenlar and UWM dropped, while Shellpoint and smaller servicers increased their market share. (Includes data chart.)

Rising interest rates are leading to diminished demand for non-QM whole loans saddled with lower rates. Longer term, industry participants remain optimistic.

Issuance of non-agency MBS ground to a halt near the end of March but gained some momentum this week, led by prime deals.

Angel Oak Mortgage Solutions had sued four former loan originators and LendSure Mortgage under the Georgia Trade Secret Act.

Redwood unveils bank-statement loans; Axos offering jumbos with deferred interest; Arc Home expands non-QM offerings; Homepoint starts construction financing; The Change Company raises equity; Vontive offering IPL platform.

Issuance of expanded-credit MBS increased by nearly 40% on a sequential basis in the first quarter while prime non-agency MBS issuance was down 16%. Issuers faced higher interest rates and diminished demand from investors. (Includes data chart.)

The conduit started acquiring mortgages in mid-2021, with a focus on a limited number of lenders and relatively conservative credit standards.

United Wholesale Mortgage started offering bank statement mortgages and a non-agency investment property product in March.

After more than a year of working to shift its focus, Altisource Asset Management is setting up an alternative lending group to originate and acquire non-QMs and other products.

Figure to launch cryptocurrency-related mortgages; PCMA starts capital advisory unit; A&D Mortgage accepting cryptocurrency; Sachem’s fourth- quarter earnings; DBRS approves of Visionet Systems.