S&P has steered clear of the S&D market but still ranked third overall with a 24.4% share of year-to-date non-agency MBS ratings.

To this point, LendingHome's originations have been concentrated on fix-and-flip bridge loans.

What’s so interesting about the Sterling disclosure is that it comes from a bank. For the most part, depositories have shied away from non-QMs unless it’s jumbo product made to wealthy individuals…

Tom Hutchens of Angel Oak: “We are getting deeper in our markets.”

The forms of documentation allowed through Sterling's Advantage Loan program are more vulnerable to manipulation and misrepresentation than traditional documentation programs, according to Fitch.

Credit unions, however, continued to grow their holdings of home-equity loans, up 1.9% to $92.5 billion as of the end of the third quarter. New HEL originations edged up 0.7% from the previous period to $9.7 billion.

Market leader Wells Fargo has acknowledged that correspondent lending has lower profit margins than retail.

Investors see more value in non-QM whole loans rather than securitized credit products…

California accounted for the highest volume of originations of jumbos that could be lost to Fannie and Freddie.