Issuance of non-agency MBS fell 8.2% in the first quarter, with the decline driven by the expanded-credit sector. The non-agency MBS market essentially shut down in March due to fallout from the coronavirus. (Includes data chart.)

As the financial impact of the coronavirus spreads, some lenders have suspended non-QM originations and others have repriced products.

After a surge in February, the issuance of non-agency MBS has all but ground to a halt due to financial turmoil caused by the coronavirus.