non-QM loan buying spree at the beginning of 2021 when it acquired non-QM, investment-property, and second-home loans on a conduit basis through its correspondent channel.
“Most, if not the majority, of our purchases, are in the non-QM market,” explained Mike Fania, head of residential credit at Annaly. “Non-QM spreads on the AAA that makes up about 75% of what you sell was 85 to swaps. If you fast forward to today, that’s 60 to swaps.”
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