Non-agency MBS brought to the market in the past two weeks were primarily stocked with jumbo mortgages and GSE-eligible loans for investment properties. There were also a few expanded-credit deals.

Angel Oak is the latest expanded-credit lender to offer mortgages based on an individual tax identification number to individuals not eligible to obtain a Social Security number.

UWM is offering its first non-QM product in years; the impairment rate on securitized non-QMs declined somewhat in October.

UWM has its own non-agency MBS shelf, allowing the lender/servicer to directly issue deals. However, the company continues to contribute mortgages to non-agency MBS issued by others.

Fannie’s deemed-issuance ratio for 2022 dropped as the government-sponsored enterprise accounted for a lower share of deliveries to UMBS; MISMO is working to standardize the bid-wanted in competition dataset format.

Redwood Trust, a correspondent aggregator of non-agency jumbos, is among those that have embraced the new standards.

While IOs are non-QMs, UWM isn’t necessarily going down the credit scale...

Some non-agency lenders are sticking with the older QM standards due to concerns about liability tied to income and employment verification requirements under the newer, more lenient QM standards.

A&D Mortgage: “With conventional rates on the rise again, now is a perfect time to reconsider non-QMs"...

Goldman Sachs, New Residential Investment and Redwood Trust offered non-agency MBS on Nov. 29.