Select Portfolio Servicing and Newrez/Shellpoint, the top two servicers of non-agency MBS issued during the fourth quarter of 2025, handled nearly 50% of the market. But both lost market share. (Includes data table.)

MFA Financial posted an increase in income in the fourth quarter of 2025. The firm’s BPL lender Lima One launched a wholesale channel and plans to relaunch multifamily lending in early 2026.

Though Angel Oak Mortgage REIT’s main focus is non-qualified mortgages, the REIT plans to regularly participate in securitizing home equity lines of credit.

Non-QM impairment rate rises in January; LenderMAC acquires Direct Mortgage.

The overall levels of delinquencies, though, vary on a nominal and age-equivalent basis.

Operating income in Intercontinental Exchange’s mortgage technology segment increased during the fourth quarter of 2025 and the firm is working on a number of artificial intelligence initiatives.

Pennymac Mortgage Investment Trust is generating a return on equity in the low- to mid-teens from issuing non-agency MBS.

Investors are showing strong demand for non-agency MBS, leaving leaders of issuers optimistic.

MFA Financial's net income in the fourth quarter increased 12.9% from the quarter prior.

The increase in issuance occurred across several categories, including a 79.2% surge in volume tied to loans eligible for sale to the government-sponsored enterprises.