Lenders tightened underwriting standards on non-agency mortgages in March and April, opting to focus on agency refis. But when that business declines, non-agency lending could rebound.

Among a group of 15 lenders, IO production increased by 22% in the third quarter and by 60% at the nine-month mark. (Includes data chart.)

Three issuers of jumbo MBS offered deals in the past two weeks, including the first post-2010 issuance from Morgan Stanley.

Select Portfolio Servicing gained ground during the third quarter but Shellpoint Mortgage Servicing remained the top servicer of non-agency MBS. (Includes data chart.)

After issuing $1.0 billion of expanded-credit MBS during the third quarter, Annaly is working to acquire more non-QMs. The REIT reported strong returns from the MBS.

MFA Financial took losses on non-QM sales earlier this year and obtained costly financing amid margin calls. Now the REIT is generating profits and paying off debt thanks to two MBS issuances in recent months.

Impac resumed originations of non-QMs in October with a whimper rather than a bang. The lender is generating better returns from GSE mortgages.

The share of non-QMs that are delinquent or in a loan modification declined again in September. The impairment rate in the sector remains high, though loan holders are optimistic.

Loan limit projections for 2021; non-agency forbearance declines; Sterling takes losses on non-QM buybacks; Anworth's MBS plans whither; Griffin launches jumbo product; Citadel offering three-month bank statement loans; BBVA offering Prosper-powered HELOC.

New Residential ranked sixth among expanded-credit originators in 2019. The lender has been slower than other major players to restart non-QM lending due to a surge in agency refi business.