More than $100 billion of loans in commercial MBS have maturity dates this year. Refinancing the loans could be difficult given interest rate movements and declining revenues from commercial properties.

Adoption of portable mortgages would be difficult under current practices in the secondary market. An official at Intercontinental Exchange believes that tokenization could address the issue.

Non-agency MBS master servicing volume has steadily grown at Newrez since Rithm Capital launched the effort in 2023.