The $391.3 million non-qualified mortgage securitization received preliminary AAA ratings from three firms. The REIT had been selling the production primarily as whole loans until now.

Speakers at the Mortgage Bankers Association’s servicing solutions conference discussed what makes a good non-agency servicer.

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.