April 18, 2025

CrossCountry Maintains Lead in Expanded-Credit MBS

Loans originated by CrossCountry Mortgage accounted for $942.1 million of mortgages in expanded-credit MBS issued in the first quarter of 2025. Annaly Capital Management’s Onslow Bay unit remained the largest issuer of expanded-credit MBS. (Includes three data tables.) Read More

Bidders for Non-QMs Return, Cautiously

The tariff war blew a hole in non-QM profits last week, but a turnaround is underway. Read More

Non-Agency Boost an Option With GSE Reform

Proponents of the non-agency market see GSE reform as an opportunity to take steps to increase the non-agency share of activity in the secondary market. The Trump administration’s plans for the secondary market remain unclear. Read More

Maryland Legislature Cleans Up MBS Licensing Mess

A new bill sets exemptions for secondary market participants after a state regulator established deeply unpopular licensing requirements at the beginning of the year. Read More

Carrington Goes Non-QM-Only for Correspondent Channel

Carrington is expanding its guidelines and offering competitive pricing for non-QMs in the correspondent channel, aiming to gain market share. The company also works to help correspondent sellers mitigate risks on non-QM sales. Read More

Invictus to Sell Non-Agency Whole Loans to Castlelake

Castlelake plans to invest in up to $2 billion of newly originated residential mortgages sourced from Invictus Capital Partners. Read More

Non-QM Lender Working to Dig Out of Hole

Beeline Financial started operations in 2020 and has yet to turn a profit. The company is now publicly traded thanks to a transaction involving a distillery, with plans to boost non-QM lending by leaning on technology. Read More

News Briefs

Moody’s affirms assessments on Redwood; Deephaven loosens DSCR underwriting; Dan Perl update; ARDRI acquires expanded-credit lender; new proprietary reverse mortgages from Mutual of Omaha Mortgage. Read More

Inside Nonconforming Markets

View Archived Issues

CrossCountry Maintains Lead in Expanded-Credit MBS

Bidders for Non-QMs Return, Cautiously

Non-Agency Boost an Option With GSE Reform

Maryland Legislature Cleans Up MBS Licensing Mess

Carrington Goes Non-QM-Only for Correspondent Channel

Invictus to Sell Non-Agency Whole Loans to Castlelake

Non-QM Lender Working to Dig Out of Hole

News Briefs

Latest Imf News

Jumbo Mortgages Gaining Share in Originations

Annaly Brings Exceptionally Large Expanded-Credit MBS

Non-Agency MBS Investors Showing Insatiable Demand

Lennar Reducing Incentives for Home Purchases

Featured Data

Agency MBS Issuance Down in May as Refinance Falters

Correspondent Share Slips in First Quarter of 2026

FHA Refis Sole Bright Spot in First-Quarter Originations

Banks’ Mortgage Holdings Inch Down in First Quarter

Featured Reports

Agency Channel Analysis: 1Q26 (PDF)

Guide to Mortgage Lending to First-Time Homebuyers

IMF HMDA Dashboard: 2025

2026 Mortgage Market Statistical Annual (PDF)

Featured Poll

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

Inside Nonconforming Markets

April 18, 2025

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?