The Securities and Exchange Commission sought changes large and small before approving the non-agency MBS shelf registration statement of Shellpoint Partners in May. The scrutiny is similar to that faced by Redwood Trust when it renewed its shelf this year, showing that the SEC wants particular disclosures to accompany new non-agency MBS issuance. The back and forth between the SEC and Shellpoint started in November, when the agency sent Shellpoint initial comments on the proposed prospectus that would accompany non-agency MBS issued by the firm. The SEC requested greater disclosure and corrections to a number of issues. The SEC said...