Credit Suisse is entering the non-QM MBS market, sourcing loans from a lender that previously contributed to deals from Western Asset Management Company.

First Republic Bank is the top contributor to the MBS, with a 27.1% deal share. Other lenders with mortgages in the MBS include Banc of California, loanDepot and Nationwide Bank. The loans have seasoned for an average of 18.7 months.

Citadel's competitors include Angel Oak, Caliber Home Loans, Deephaven, Impac Mortgage and other like-minded shops. 

Impac’s return to profitability occurred as the nonbank slashed spending on marketing and reduced staffing levels. The lender spent $2.0 million on business promotion in the second quarter compared to $9.0 million a year ago...