Expanded-credit mortgages and business-purpose lending are set to play a bigger role in Redwood’s operations. Third-party investments also generated strong returns for the REIT in the fourth quarter.

This week, Annaly, the Change Company, Credit Suisse and Lone Star Funds all offered their second individual expanded-credit MBS of the year. Activity is also humming along in the prime non-agency market.

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.

Angel Oak issues MBS largely stocked with its own production whereas AmWest started shelfing its own deals in September after years of contributing to MBS issued by others. (Includes three data charts.)

Angel Oak is sourcing loans from lenders beyond its affiliates, Invictus reached a diversification milestone and Angelo Gordon went the other way, sponsoring a deal with loans from just one lender.

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.)

Non-agency mortgages, both jumbos and non-qualified mortgages, look promising to Western Alliance Bank as margins on conventional-conforming loans compress and production falls.

Milo Credit is offering a mortgage that allows borrowers to qualify solely by pledging Bitcoin. The lender’s asset treatment of Bitcoin varies significantly from how the GSEs view borrowers with cryptocurrencies.

Chase issuing large jumbo MBS; more prime non-agency MBS; Velocity Financial originations hit a record in the fourth quarter; Boston Lending issues non-agency MBS with proprietary reverse mortgages; few FHA/VA mortgages make it into the non-agency market.

The first non-agency MBS issued by a Community Development Financial Institution includes loans that didn’t require verification of borrower income or employment.