An estimated $94.00 billion of adjustable-rate mortgages were originated in the fourth quarter, up 20.5% from the third quarter. For the full year, volume shot up 44.7% to an estimated $298.00 billion. (Includes data table.)

In the month since announcing its partnership with Tradeweb, Maxex has seen growth in its digital exchange platform. The company also made updates to its non-QM Select 5 program.

If originators moving into the non-agency space are not careful with product types unfamiliar to them, there can be risk and operational ramifications downstream.