On some recently issued expanded-credit MBS, servicing fees have been as low as 5 basis points. S&P and some other rating services review deals applying assumptions for higher servicing fees.

Fed reduces redemption cap for Treasury securities, allows agency MBS runoff to proceed; Annaly to issue securitization with HELOCs; non-agency MBS term financing transaction from PIMCO.

Santander Bank was the largest issuer of vehicle ABS in 2024. The bank’s non-agency MBS effort has the ability to commit $2.5 billion in capital.