Select Portfolio Servicing added nearly twice as much servicing from just-issued non-agency MBS in the fourth quarter as it did in the third. Shellpoint remains the largest servicer of recently issued non-agency MBS. (Includes data chart.)

Fannie removed some loans from its MBS early; Guaranteed Rate restructured a jumbo MBS before issuance; the GSEs are prepping separate risk- sharing transactions.

Some delinquent loans have been removed from MBS trusts before completing their modification trial periods.

Non-agency MBS on offer in recent weeks include deals backed solely by mortgages originated by a Community Development Financial Institution, non-agency mortgages for investment properties and proprietary reverse mortgages.

Steven Abrahams of Amherst Pierpont Securities believes FHA might use surplus MMI funds to subsidize first-time homebuyers and other traditionally underserved communities.

Federal oversight is still needed to monitor the systemic risks to the housing-finance system, according to two separate reports from the Government Accountability Office and the Congressional Budget Office.

JPMorgan Chase was in a league of its own in the prime non-agency mortgage-backed securities market last year, with more than double the volume of its nearest competitor. (Includes three data charts.)

The first non-agency MBS issued by a Community Development Financial Institution includes loans that didn’t require verification of borrower income or employment.

Recent non-agency MBS include the year’s first expanded-credit MBS, plenty of prime deals and even a security with proprietary reverse mortgages.

Six issuers offered expanded-credit MBS in recent days, ending a nearly 30-day pause in issuance. Loans in the deals have seasoned for longer than the turn times seen for prime non-agency MBS.