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Inside Nonconforming Markets

April 29, 2022

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Expanded-Credit MBS Issuance Hits Record in First Quarter

Issuers of expanded-credit MBS stocked deals with $14.10 billion of volume in the first quarter of 2022, a record for the sector. A rise in interest rates helped to increase securitization activity. (Includes three data charts.) Read More

Redwood Goes on the Defense Amid Rising Interest Rates

Redwood’s profit took a hit in the first quarter, with non-agency mortgage aggregation and loan sales slowing amid a rise in interest rates. Still, officials at Redwood were happy with the REIT’s performance. Read More

Denial Rate for Non-Agency Jumbos Declines in 2021

The rejection rate on applications for non-agency jumbo mortgages declined for both purchase mortgages and refis in 2021. One top lender had a denial rate of less than 1.0%. (Includes data chart.) Read More

Arch Capital Group Aggregating Non-Agency Mortgages

Arch Mortgage Funding quietly acquired a small number of jumbo mortgages last year and expanded into acquisitions of non-QMs this month. Prior to the non-QM announcement, Arch Capital Group said little about the conduit. Read More

Annaly Planning to Increase Non-Agency Mortgage Activity

Annaly Capital Management is working to increase its aggregation of non-agency mortgages. The company generated returns in the mid-teens from the activity in the first quarter. Read More

Wide Dispersion in Loan Ages in Recent Non-Agency MBS

Some issuers of non-agency MBS are stocking deals with mortgages that have seasoned for an average of about one month while others are still offloading mortgages that were originated prior to the runup in interest rates. Read More

Shellpoint Boosts Non-Agency MBS Servicing in First Quarter

While non-agency MBS issuance was essentially level in the first quarter of 2022, there was some movement among servicers in the sector. Servicing activity at Cenlar and UWM dropped, while Shellpoint and smaller servicers increased their market share. (Includes data chart.) Read More

News Briefs

Saluda Grade stocks non-agency MBS with second liens from Spring EQ; Futures Financial launches business-purpose lending operations; Knock Lending offering jumbos; Angel Oak partners with blockchain platform. Read More

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