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.

Castlelake plans to invest in up to $2 billion of newly originated residential mortgages sourced from Invictus Capital Partners.

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.)

Toorak Connect is an underwriting platform that uses artificial intelligence and machine learning to score loans based on risk. It has been used to underwrite more than $5 billion in business-purpose loans since its launch in 2022.

Brookfield to acquire majority stake in Angel Oak; Dominion Financial launches AI chatbots; Carrington Mortgage’s correspondent channel goes fully non-QM; Sachem Capital takes loss in 2024.

The lender is seeing strong demand from borrowers and the secondary market for non-agency business purpose loans.