Non-QM loans in the MBS are originated by expanded-credit lender Athas Capital Group
Credit Suisse has announced a $251.5 million mortgage-backed security backed by non-QM loans from Athas Capital Group.
The transaction is the first non-agency MBS that only includes residential loans from the originator. Loans in the MBS have seasoned for an average of 1.8 months – a relatively fast turn time for the expanded-credit market.
Read next: Housing Industry Icon reveals winning non-QM strategies
Last year, California-based Athas Capital financed $1.2 billion of mortgages, mostly non-QMs, through its wholesale channel. In addition, the group contributed $558.8 million of expanded-credit MBS in 2021, ranking 11th among expanded-credit lenders, according to Inside Nonconforming Markets.
Read more: Get ready for non-QM’s biggest year yet
Non-QM experts Dane Smith, president of Verus Mortgage Capital, and Tom Hutchens, EVP of production at Angel Oak Mortgage Solutions, estimate that non-QM market share will double to 10% in 2021, with securitizations reaching $25 billion.
