Annaly Capital Management is preparing to issue a rare non-agency MBS stocked solely with bank-originated adjustable-rate mortgages. Loans in the MBS were originated by Associated Bank.

Lendbuzz, which focuses on an artificial intelligence-powered platform to underwrite auto loans, closed a AAA-rated $218.7 million ABS.

UWM has sued Atlantic Trust Mortgage for allegedly breaking a contract term that barred it from originating loans with Rocket Mortgage.

“Regional banks would usually balance sheet a lot of [non-QM] borrowers, but they’re contracting due to their risk exposure,” said Samuel Bjelac, the new senior vice president, national sales, third-party originations, at Carrington Mortgage Services.

Prime non-agency MBS issuance increased by 4.3% on a sequential basis in the fourth quarter though for the full year volume was down 64.1%.

A $576.1 million MBS backed by GSE-eligible jumbo mortgages from CalCon Mutual Mortgage helped drive a slight increase in prime non-agency mortgage-backed security issuance in the fourth quarter. (Includes three data tables.)

Looser underwriting standards for loans in expanded-credit MBS issued in 2023 are leading to higher delinquency rates.

Samuel Bjelac is returning to Carrington Mortgage Services to help grow non-QM originations in its third-party origination channels.

The HELOC program will use 12 or 24 months of bank statements for income verification.

The share of noncore GSE products, including conforming jumbos, cash-out refinances, mortgages for investment properties and second homes, dropped in 2023. (Includes data table.)