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Inside Nonconforming Markets

August 5, 2022

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Volatility in Expanded-Credit Market Shakes Up MBS Contributors

The traditional leaders of contributions to expanded-credit MBS slowed their activity in the second quarter, with smaller entities filling some of the void. The types of loans going into MBS also shifted somewhat. (Includes three data charts.) Read More

Redwood ‘Conservative’ with Jumbo Business in Rough 2Q

Redwood’s jumbo acquisition volume declined by more than 40% in the second quarter and the REIT took a loss on its residential activities. Officials at Redwood said the company is well-positioned moving forward. Read More

Annaly Increasing Non-Agency Aggregation Activity

Annaly is seeing strong returns from its aggregation and sales of non-agency mortgages even with weak demand in the secondary market. The REIT boosted its non-agency MBS issuance with plans for further growth. Read More

Non-QMs Take Bite Out of MFA’s Earnings in Second Quarter

MFA Financial took another loss in the second quarter as its holdings of non-QMs lost value and MBS with the loans was met with weak demand. The nonbank’s business-purpose lending unit also took a loss. Read More

Prime Jumbos Return to Non-Agency MBS Market

After a nearly 30-day lull, MBS with prime jumbos hit the market. An offering from Chase was significantly smaller than the issuance from the firm in the past. A number of expanded-credit MBS are also on offer. Read More

Nonbanks Turning to Home-Equity Products, Non-Agency Outlets

Dwindling refis and record levels of home equity are making home-equity products attractive for nonbanks. The challenge is competing with banks that have the capacity to hold HELOCs and the like in portfolio. Read More

Radian Leaning on MI Experience with New Non-Agency Conduit

Radian is following Arch among private mortgage insurers launching non-agency conduits. Officials at Radian note that its experience with private MI will help with acquisitions and sales of non-agency mortgages. Read More

News Briefs

Western Asset Management Company considering a sale of its non-agency REIT; Velocity offers another small-balance commercial MBS; PennyMac ramping up jumbo originations. Read More

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