Nearly 70% of the non-QMs originated in 2020 included an IO term, according to a new INM analysis. The top two lenders were banks. (Includes data chart.)

Churchill Real Estate launched a table funding option, Toorak a securitization and Sachem raised $43 million via a stock sale. Meanwhile, the fix-and-flip market was on the decline in the first quarter.

While many non-QM lenders suspended production last year, A&D Mortgage’s direct connection to the MBS market placed it in good stead.

Originations of adjustable-rate mortgages declined by 15% on a sequential basis in the first quarter of 2021. The ARM share of total originations also fell below 5%. (Includes data chart.)

Maxex receives new funding; Angel Oak expands retail branches; Ocwen to acquire Reverse Mortgage Solutions; non-agency forbearance flat.

Angel Oak Mortgage’s IPO fizzled, pricing below initial guidance. The REIT’s stock price also declined in its first day of trading.

Issuance of non-agency MBS with GSE-eligible loans is booming, largely due to restrictions on certain purchases by the GSEs.

Nine expanded-credit MBS hit the market in the past two weeks, with the deals largely backed by mortgages originated in recent months.

After temporarily suspending originations during the pandemic, wholesaler ClearEdge Lending is ramping up production of non-agency mortgages.

Bank and thrift holdings of first liens declined for a second consecutive quarter, after years of increases. Among the largest banks, trends varied. (Includes data chart.)