Market professionals across the residential mortgage-backed securities (RMBS) space assembled at the Waldorf Astoria Monarch Beach in Dana Point, California, for IMN’s Non-QM Forum, held on June 15-16. The forum featured a range of discussions about how one of the most active sectors of private label RMBS is evolving against a more complex macroeconomic and regulatory backdrop. With non-qualified mortgage (non-QM) issuance at post-global financial crisis (GFC) highs and investor demand continuing to broaden and strengthen, the discussions centered on two questions: whether there remains room for further non-QM growth, and how the market can scale while maintaining underwriting discipline, execution quality, or investor confidence.
Panelists generally described a non-QM market that has become larger and more institutionalized, but also one facing headwinds from elevated rates, constrained affordability, uneven consumer performance, and closer scrutiny of compliance and diligence…
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