A rise in securitization of expanded-credit mortgages from Annaly Capital Management and Invictus Capital Partners helped the ECM securities market grow in the second quarter. (Includes three data tables.)

The product allows for debt service coverage ratio below 0.75, while many DSCR lenders require a ratio of at least 1.0.

The funding will go toward Faes & Co.’s F2 Finance, a fix-and-flip lender based in the U.S.

A new reperforming loan securitization from MFA Financial includes loans originated through Change Lending’s low-documentation program.

Early trends have been mixed, but more private credit funding and a potential rate cut should help boost short-term rental lending this year.

Deephaven expands DSCR program guidelines; Ares Management markets first non-QM MBS in over a year; A&D Mortgage introduces a partner loyalty program; Angel Oak Mortgage REIT plans $50 million debt offering.

Servicers must adjust their thinking on delinquencies, reserves and collections when the borrower is an investor rather than an occupant.

John Beacham, CEO of Toorak Capital Partners, said ratings on fix-and-flip securitizations are attracting more investor interest and prompting better pricing for issuers.

Most of the noncore categories where the GSEs are active lagged overall market growth. The one that didn’t: conforming jumbos. (Includes data table.)

The business-purpose lender launched a broker channel and expects to expand its wholesale operations in the years to come.