The Consumer Financial Protection Bureau late this week issued two final rules for qualified mortgages: One replaces the 43% debt-to-income ratio with a pricing threshold and the other creates a seasoned QM category.

Lenders tightened underwriting standards on non-agency mortgages in March and April, opting to focus on agency refis. But when that business declines, non-agency lending could rebound.

Three issuers of jumbo MBS offered deals in the past two weeks, including the first post-2010 issuance from Morgan Stanley.

Originations of expanded-credit mortgages increased by 2.5% in the third quarter on a sequential basis. But the sector lost market share as lenders continued to focus on GSE refis. (Includes data chart.)

Select Portfolio Servicing gained ground during the third quarter but Shellpoint Mortgage Servicing remained the top servicer of non-agency MBS. (Includes data chart.)

Three deals hit the market late last week. Chase issued a jumbo MBS backed by fresh loans while two other issuers packaged investment-property mortgages.

After issuing $1.0 billion of expanded-credit MBS during the third quarter, Annaly is working to acquire more non-QMs. The REIT reported strong returns from the MBS.

MFA Financial took losses on non-QM sales earlier this year and obtained costly financing amid margin calls. Now the REIT is generating profits and paying off debt thanks to two MBS issuances in recent months.

Impac resumed originations of non-QMs in October with a whimper rather than a bang. The lender is generating better returns from GSE mortgages.

The share of non-QMs that are delinquent or in a loan modification declined again in September. The impairment rate in the sector remains high, though loan holders are optimistic.