Most expanded-credit deals issued this year have been stocked with pre-pandemic loans...

While forbearance readings gradually head down, some 4.0% of mortgages outstanding are still in the loss mitigation status.

An estimated $8.60 billion of non-qualified mortgages and other expanded-credit products were originated in the first quarter. But the sector’s market share was still below 1.0%. (Includes data chart.)

Jumbo correspondent lending continued to make its comeback in the first quarter of 2021 after a sharp drop in volume tied to the coronavirus. Trends were mixed among lenders that focus on the retail channel. (Includes data chart.)

The non-agency market has emerged as an alternative, albeit at a higher cost, for lenders to deliver GSE-eligible mortgages backed by investment properties and second homes. However, some lenders are concerned about the adverse impact GSE restrictions could have.

Investors and borrowers alike are showing strong demand for fix-and-flip business purpose loans. Originators see volume rising and new players are entering the sector.

Chase issued its fifth large prime non-agency MBS of the year, along with a number of more traditionally sized deals. United Wholesale Mortgage is also set to issue its first deal.

Nomura is set to enter the market with a deal backed by non-agency mortgages for investment properties while two other issuers also have deals with newer non-QMs. There’s also a rare non-agency MBS with jumbo reverse mortgages.

Non-QM impairment rate declines in April; non-agency forbearance update; Laurie Goodman appointed chair of MFA Financial’s board; White Mountain Capital boosting loan acquisitions; Synergy One offering HELOC with blockchain tech; capital raises and new financing for financing providers that allow homebuyers to make cash offers; Canopy approved by DBRS as due diligence provider.

Data center securitizations issued in recent years carry elevated leverage that is inconsistent with the A rating they received from rating services other than Fitch.