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Inside Nonconforming Markets

January 7, 2022

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Non-Agency MBS Issuance Tops Pre-Pandemic Levels in 2021

Issuance of non-agency MBS last year topped the volume seen pre-pandemic. Activity was concentrated on prime loans, both non-agency jumbos and GSE-eligible mortgages. (Includes data chart.) Read More

Non-Agency Market Could Gain from Higher Fees on GSE Mortgages

The upfront fees the GSEs charge for conforming jumbos and mortgages for second homes are set to increase. Some volume in those products will likely flow into the non-agency market. Read More

A New Risk-Sharing Deal Involving Non-QMs

Mortgages in the transaction were acquired by Western Alliance Bank on a correspondent basis and will remain on its balance sheet. Risk-sharing deals in the non-agency market are rare and largely involve megabanks. Read More

Expanded-Credit MBS Issuance Expected to Increase in 2022

Prospects for non-agency MBS issuance in 2022 look mixed, with expanded-credit activity expected to increase while volume involving non-agency jumbos and GSE-eligible loans could decline. Read More

Western Asset Management’s REIT Shifting Focus to Non-Agency

Western Asset Mortgage Capital plans to shed investments in commercial mortgages and shift to residential assets, including non-QMs. The REIT was taking losses on commercial investments. Read More

Non-Agency MBS Issuance Kicks Off 2022 With Prime Deals

Non-agency MBS issuers are off to a fast start this year, with four deals marketing this week. The MBS are backed by non-agency jumbos and GSE-eligible mortgages for investment properties. Read More

Velocity Acquires Stake in FHA Multifamily Lender

Officials at Velocity said the acquisition of an FHA multifamily lender will help to expand the company’s product offerings and serve as a hedge for its traditional focus on business-purpose lending. Read More

News Briefs

New Residential set to issue single-family rental securitization; DBRS accepts Phoenix Collateral Advisors as due-diligence provider. Read More

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