The REIT stopped acquiring non-QMs during the fourth quarter as interest rates fluctuated and demand in the secondary market waned.

MISMO is working to update data fields established by the American Securitization Forum in 2009 for use in the non-agency MBS market.

Non-agency MBS issuance update; PennyMac launches jumbo product; Fitch affirms A&D’s servicer rating, Redwood increases staff.

Rising interest rates prompted a loss of $231.6 million at MFA Financial in 2022. The losses slowed in the fourth quarter, at “only” $6.7 million, helped by business-purpose lending operations.

Two new issuers are offering expanded-credit MBS, there’s a securitization backed by newly-originated second liens and the jumbo MBS market is showing more signs of life.

The performance of expanded-credit MBS was attractive to investors until interest rates increased throughout 2022. Higher rates cut into excess interest and slowed build-up of credit enhancement levels on outstanding deals.

Occupancy fraud on jumbos; FoA to sell its business-purpose lending unit to Roc Capital; new CEOs at two leading fix-and-flip lenders; new COO at Deephaven.

Angel Oak Mortgage is among the nonbanks trying to sell off somewhat seasoned non-QMs that have interest rates well below prevailing rates.

Rising interest rates and financial volatility battered the non-QM market in 2022. This year almost has to be better by default, according to industry participants.

The DOJ continues to investigate issues involving a non-QM program Sterling Bank & Trust ended in 2019. Fallout from the program continues to cut into the bank’s profitability.