A new HELOC securitization from Figure Lending received preliminary AAA ratings, a first for the issuer.

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

Bayview Asset Management and Verus Mortgage Capital separately started marketing non-agency MBS in the days after Hurricane Ian made landfall. Rating services that assessed the deals differed in their focus on potential damage from the hurricane.

Non-agency MBS issuance nearly frozen; Redwood raises funds with debt sale; DBRS accepts more firms for due diligence.

Fitch’s review of 225 non-agency MBS prompts downgrade of a single tranche; Unison issues securitization with residential equity agreements; Carrington offers to complete certain non-QM origination tasks for brokers.

Mortgages in the transaction were acquired by Western Alliance Bank on a correspondent basis and will remain on its balance sheet. Risk-sharing deals in the non-agency market are rare and largely involve megabanks.

New Residential set to issue single-family rental securitization; DBRS accepts Phoenix Collateral Advisors as due-diligence provider.

Issuers of prime non-agency MBS are increasingly removing loans subject to third-party due diligence reviews from the final MBS pools. Kroll Bond Rating Agency said the practice is a slippery slope.

CoreVest issued a securitization involving bridge loans for residential properties; a prime non-agency MBS issued by JPMorgan Chase in 2018 is on watch for a downgrade.

MISMO and SFA are leading separate efforts to update and modernize the dataset used by various non-agency MBS participants.