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Inside Nonconforming Markets

February 13, 2026

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Prime Non-Agency MBS Issuance Up Nearly 40% in 2025

Rate-term refinances and loans eligible for sale to the GSEs helped to increase issuance of prime non-agency MBS in 2025. (Includes three data tables.) Read More

Redwood Profitable in 4Q; Preps New MBS Shelf

Redwood Trust generated $20.0 million of net income in the fourth quarter of 2025, recovering from a $7.7 million loss in the third quarter. The REIT is also planning to launch a new shelf for expanded-credit MBS. Read More

Brokers First Funding Plots Non-QM Growth in 2026

The wholesale lender’s goals include increasing brand awareness, geographic expansion and improving service levels. Read More

Newrez Increases Production of Non-QMs in 4Q

Originations of non-qualified mortgages by Newrez increased by 50% on a quarterly basis in the fourth quarter of 2025. Read More

Maxex and Tradeweb Collaborate on Mortgage Marketplace

Maxex and Tradeweb Markets announced a collaboration to expand access to mortgage investments. Tradeweb also made a strategic investment in Maxex. Read More

Non-QM Performance Sees Slight Recovery in December

The improvement was not enough to recover the ground lost in November, which ended on a Sunday. Read More

Fraud Involving DSCR Mortgages Rising

Cotality’s fraud risk index grew 1.5% year-over-year in the fourth quarter of 2025, driven by a rise in issues with debt service coverage ratio loans. Read More

News Briefs

More than 40 lenders using FICO Score 10T for nonconforming mortgages; Sierra Mortgage Capital launches new non-qualified mortgage product. Read More

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