Jumbo originations increased at First Republic Bank, but its mortgage gain-on-sale margin took a hit.

The non-cash share of home-purchase financing increased to 71 percent in June from 67 percent in February, based on the three-month moving average.

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Mortgage firms issued $4.34 billion of non-agency jumbo MBS in the second quarter of 2013, with deals from five issuers, both quarterly highs in the new non-agency era.

Legislation unveiled by Rep. Jeb Hensarling, R-TX, would allow for a higher high-cost loan limit than legislation he proposed in 2011.

MBA president Dave Stevens is concerned that events could soon overtake policy makers and force an “imperfect solution” to Fannie Mae and Freddie Mac.

The jumbo MBS market has another new issuer: Nomura. But the credit enhancement on its first deal was increased due to geographic concentration risk.

As with previous MBS issued by Springleaf, the mortgages in the security were originated by firms owned by Fortress Investment Group.

Credit Suisse issued a non-agency jumbo MBS backed predominantly by seasoned mortgages from First Republic Bank.

Although the recent spike in rates spooked some players in the non-agency market, conduits like Redwood Trust and Credit Suisse are still in the hunt for new customers.