Annaly Capital Management’s Onslow Bay, the top-ranked issuer of expanded-credit mortgage-backed securities in the second quarter, issued $3.82 billion of expanded-credit MBS, down 8.3% from the first quarter.

“More rating agencies means more perspectives, and more perspectives means sharper insight for investors," John Beacham, CEO of Toorak Capital Partners, said. “That’s good for issuers, good for investors, and good for the long-term health of the market.”

Issuance of expanded-credit mortgages declined by 4.8% on a quarterly basis in the second quarter, with purchase-mortgage volume down. (Includes three data charts.)

Servicers of business purpose loans noted challenges handling the asset class due to the customizable structure of the loans.

Founded in 2019, New York-based Button Finance originally planned to focus on home equity lending, but is now branching out into non-qualified mortgages.

If passed, the Home Equity Lending Integrity Act would regulate home equity investment products, including subjecting HEIs to requirements under the Truth in Lending Act.

Impairments on non-qualified mortgages rose on a monthly basis in May, driven by higher new impairments and weaker cure and made payment rates, according to dv01.

June’s growth follows a period of stagnation as bridge lending volume flattened out at the end of 2025 and into early 2026.

More than 70% of buyers of luxury-priced homes pay in cash, while 6.5% of luxury buyers use traditional financing, according to a recent report from Coldwell Banker Global Luxury.

JPMorgan Chase offers unique non-agency MBS; book value declines at Redwood Trust; Silver Hill Capital launches medical professional loan program.