Fitch’s review of 225 non-agency MBS prompts downgrade of a single tranche; Unison issues securitization with residential equity agreements; Carrington offers to complete certain non-QM origination tasks for brokers.

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.)

The amount of nonprime servicing handled by a group of 15 firms was essentially flat between the end of June and the end of September. Three of the top five firms in the sector saw their portfolios shrink. (Includes data chart.)

UWM is offering its first non-QM product in years; the impairment rate on securitized non-QMs declined somewhat in October.

Shellpoint was named as servicer on $7.31 billion of non-agency MBS issued during the third quarter. Cenlar, a major subservicer in the sector, is under a consent order with the OCC. (Includes data chart.)

The share of securitized non-QMs that are delinquent or modified increased in August for the first time since February. Still, industry analysts are comfortable with the long-term outlook for performance.

CoreVest issued a securitization involving bridge loans for residential properties; a prime non-agency MBS issued by JPMorgan Chase in 2018 is on watch for a downgrade.

The three servicers added significant volume to their portfolios thanks to the surge in non-agency MBS issuance during the second quarter of 2021. The performance of securitized loans also continues to improve. (Includes data chart.)

The impairment rate on securitized non-QMs fell to 7.9% at the end of May. Prepayments in the sector remain elevated as borrowers refinance.

Chase’s nonprime servicing portfolio increased tenfold to $44.40 billion at the end of March. The spike was due to a change in the way the bank reports numbers and not because of an influx of new servicing. (Includes data chart.)