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.)

Impairment rate on securitized non-QMs rises in May; Rocket offering bridge loans; architecture firm to acquire non-QM lender; Chimera unit aggregating HEIs for securitization.

Federal agencies have used the higher-priced mortgage designation as a proxy for subprime lending. Strategies vary among the biggest originators of higher-priced mortgages, including focusing on loans for manufactured homes or expanded-credit mortgages. (Includes two data tables.)

Debt service coverage ratio mortgages, residential transition loans and other alternative products include some unique features that can’t necessarily be handled well by servicing systems for standard residential mortgages.