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Inside Nonconforming Markets

October 23, 2026

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Major Lenders Pull Back on ECM MBS in 3Q

Several lenders that typically contribute significant amounts of loans to expanded-credit mortgage-backed securities reduced their contributions in the third quarter of 2026. (Includes three data tables.) Read More

High Rates Push Lending Activity to Expanded-Credit Market

Rising interest rates are constraining originations of traditional mortgages and leading to a higher share for the expanded-credit market. Read More

Annaly Continues to Increase Non-Agency MBS Issuance

The firm set an issuance volume record for the seventh straight quarter in the third quarter of 2026. Read More

Cake Mortgage Sees Record Volume With Non-QMs

Non-QM wholesaler Cake Mortgage is posting record production this year, and plans to keep the momentum going by entering a new lending channel. Read More

Pennymac Markets First Expanded-Credit MBS

The firm started originating expanded-credit mortgages in September 2025 and had relied on other issuers to distribute its expanded-credit originations into MBS. Read More

Some Risks for Lenders With Loan Participations

Lenders working with loan participation structures should know the difference between the legal structure and accounting treatment, according to players in the sector. Read More

Redwood’s Liquidity Good, Dividend Cut Could Prove Positive

Analysts suggested a dividend cut to help Redwood Trust build capital. Read More

News Briefs

Checkr launches expanded mortgage offering; Chimera markets expanded-credit mortgage-backed security on new shelf. Read More

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