MFA Financial took losses on non-QM sales earlier this year and obtained costly financing amid margin calls. Now the REIT is generating profits and paying off debt thanks to two MBS issuances in recent months.

Chimera is generating attractive returns by packaging jumbos, GSE-eligible investment-property mortgages and seasoned loans into non-agency MBS. The REIT continues to avoid non-QMs.

Redwood locked $2.1 billion of jumbos during the third quarter though it only acquired $176 million. The REIT is issuing MBS and selling loans to banks.

Some $1.64 billion of expanded-credit MBS and $1.06 billion of prime non-agency MBS hit the market in the past two weeks. The expanded-credit deals were stocked with older loans.

Maxex has aggregated more than $10 billion worth of product between its founding in 2016 and September of this year. More than $3 billion flowed through the firm’s exchange in the third quarter alone.

Imperial Fund, an affiliate of A&D Mortgage, issued its first non-QM MBS this week. Loans in the deal are concentrated in Florida and more than 15% went to foreign nationals or non-resident aliens.

The Goldman deal includes some mortgages eligible for sale to the GSEs while many of the mortgages in the new Wells MBS received exterior-only appraisals.

In late September, JPMorgan Chase brought two prime non-agency MBS to the market while Credit Suisse offered a non-QM deal.

Wells Fargo is set to issue its first expanded-credit MBS. Loans in the deal have seasoned for an average of 15 months and other issuers are prepping MBS with somewhat seasoned mortgages.

While some issuers will remove loans with exposure to hurricanes from MBS pools, others face higher loss expectations.