Ginnie Mae reminded security holders last week that they have the ability to collapse a security group within a multiclass transaction on short notice, an option the agency said has been underutilized.

Byzfunder issued its first ABS last week, a transaction that was three times oversubscribed by investors. Repeat issuers are also ramping up originations and issuance volume.

Annaly Capital Management slipped to second in REIT agency MBS investors as it diversifies into MSR and non-agency. AGNC Investment rose to the top, focused almost exclusively on agency MBS. (Includes two data tables.)

The yield curve is helping to drive up demand for non-agency MBS. And rising delinquencies aren’t much of a concern for investors.

Analysts at Bank of America Global Research suggest that proposed changes to regulatory capital requirements could spur more bank CLO investment. (Includes one data table.)

The fees for early payoffs are only available for non-owner-occupied loans. The convexity profile they create for non-agency loans makes them attractive to MBS investors.

The automated AI trade included a $3 million to-be-announced deal that went to a competitive auction across all dealers, and two $500,000 trades that were routed to dealers selected by Pike Creek Mortgage.

Investors aren’t tiering issuers/deals, fraud is a risk with cash-out DSCR mortgages, jumbos in expanded-credit MBS prepay faster than traditional expanded-credit mortgages and investors are getting aggressive with bids for GSE-eligible mortgages.

A flood of investor capital is driving the transformation of relatively illiquid credit portfolios into more liquid structured transactions that can fetch better ratings.

Three new credit risk transfer deals from banks covered a variety of loan types.