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Issuance of expanded-credit MBS is booming but total volume remains relatively small as major investors continue to avoid the sector. Investors such as Blackrock and PIMCO are looking for improvements to representations and warranties, according to industry participants. Eric Kaplan, director of the housing finance program at the Milken Institute’s Center for Financial Markets, said some big investors prefer to acquire expanded-credit loans, such as non-qualified mortgages, as whole loans ...

A number of investors noted that it’s difficult to find structured-finance products with attractive yields.

Expanded-credit mortgages accounted for less than 3 percent of total first-lien originations in the first half of this year.

But there’s a catch: the portfolio has a delinquency rate of 11.5 percent and foreclosures of 1.5 percent.

Strong growth in originations of non-qualified mortgages in recent years has helped the sector gain market share. Lenders in the non-QM market suggest that originations are set to continue to increase, with a 10 percent share of total originations seen as a reasonable goal.

If current trends hold in the official barometer used for adjusting conforming loan limits, look for the baseline limit to go up about 8 percent next year.

Three megabanks account for an outsized share of first liens held by banks: Wells Fargo, JPMorgan Chase and Bank of America.