Securitization of industrial properties, including data centers, was the hottest sector in non-agency commercial MBS last year. Meanwhile, all three agencies saw hefty increases in multifamily MBS issuance. (Includes two data tables.)

Lower interest rates and potential policy changes are expected to help drive an increase in prepayment activity this year.

A change in how MBS deals are rated led to more than 1,000 upgrades for tranches of deals backed by HELs and seasoned mortgages.