Annaly started marketing an expanded-credit MBS last month just as President Trump announced new tariffs. The deal went through at a spread that likely wouldn’t have been achievable as recently as three years ago.
Rithm is both a buyer and seller of non-agency mortgages. Wider spreads in recent months have helped generate strong returns from loan acquisitions. Meanwhile, RTL production through its Genesis unit slowed during the first quarter.
Impairment rate on non-QMs declines; new issuers of home equity loan securitizations; bank offers new jumbo ARMs via wholesale channel; proprietary reverse-mortgage product from Liberty Reverse Mortgage.
Loans originated by CrossCountry Mortgage accounted for $942.1 million of mortgages in expanded-credit MBS issued in the first quarter of 2025. Annaly Capital Management’s Onslow Bay unit remained the largest issuer of expanded-credit MBS. (Includes three data tables.)
Proponents of the non-agency market see GSE reform as an opportunity to take steps to increase the non-agency share of activity in the secondary market. The Trump administration’s plans for the secondary market remain unclear.
Carrington is expanding its guidelines and offering competitive pricing for non-QMs in the correspondent channel, aiming to gain market share. The company also works to help correspondent sellers mitigate risks on non-QM sales.
Beeline Financial started operations in 2020 and has yet to turn a profit. The company is now publicly traded thanks to a transaction involving a distillery, with plans to boost non-QM lending by leaning on technology.
Moody’s affirms assessments on Redwood; Deephaven loosens DSCR underwriting; Dan Perl update; ARDRI acquires expanded-credit lender; new proprietary reverse mortgages from Mutual of Omaha Mortgage.
Volume of noncore products at the GSEs shifted downward in the first quarter as questions around the future of Fannie Mae and Freddie Mac persist. (Includes data table.)
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