Kroll Bond Rating Agency projects that issuance involving residential transition loans will decline by 12% on an annual basis this year, continuing the sector’s uneven yearly output.

The non-QM space has seen rapid growth, with more lenders entering the market and a growing cohort of self-employed borrowers.

HomeXpress Mortgage’s origination volume reached $1.1 billion in the second quarter of 2026, up 23.8% from the quarter prior.

Pennymac originated $4.16 billion in volume to prime non-agency MBS issued in the second quarter, according to a new ranking and analysis by Inside Nonconforming Markets.

Issuance of prime non-agency mortgage-backed securities cooled off somewhat in the second quarter of 2026, but remained elevated on an annual basis. (Includes three data tables.)

Annaly Capital Management nearly tripled its profit from the first to the second quarter as it leaned into its residential credit business.

Redwood Trust posted another quarter of losses in the second quarter tied to its efforts to wind down legacy assets, including multifamily bridge loans investments.

Pennymac Mortgage Investment Trust has seen success in its private-label securitization program causing it to stop acquiring agency-eligible, conventional-conforming loans through correspondent production.

Morningstar DBRS analyzed how securitizations of home equity investments fared against home price appreciation.

More lenders are entering the non-qualified mortgage space or expanding their non-agency product offerings.