Issuance of expanded-credit MBS increased a hefty 40.6% during the first quarter of 2026, with investment-property mortgages making up a big chunk of the total. (Includes three data tables.)

Issuance of non-agency MBS backed by newly originated mortgages increased by 34.2% on a quarterly basis in the first quarter of 2026. (Includes data tables.)

Issuance of expanded-credit mortgage-backed securities declined during the fourth quarter of 2025, marking the first quarterly decline in issuance for the sector in two years. (Includes three data tables.)

Issuance of expanded-credit MBS increased by nearly 80% on an annual basis in 2025 to $75.91 billion. Prime non-agency MBS issuance was up nearly 40% to $45.19 billion. (Includes data table.)

Issuance in the first nine months of the year was up nearly 90% compared with the first nine months of 2024. (Includes three data tables.)

Expanded-credit MBS issuance rose by 25.4% from the first quarter to the second quarter, with mortgages for self-employed borrowers, interest-only loans and refinances driving the increase. (Includes three data tables.)

Securitization of conforming jumbo mortgages by the government-sponsored enterprises increased during the second quarter of 2025 after a slowdown in the previous quarter. (Includes data table.)

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.)