Issuance of expanded-credit mortgage-backed securities hit $5.97 billion in the first quarter of 2019, a record for the sector. It also topped prime non-agency MBS volume for the third consecutive quarter.

The sharp downturn in purchase-money loans going into Fannie and Freddie MBS was accompanied by an even bigger drop in deliveries of loans with private mortgage insurance. 

JPMorgan Chase is set to issue its first MBS stocked solely by non-qualified mortgages on primary residences. Many of the loans in the $440.54 million deal went to self-employed borrowers.