Ellington Financial issues $426 million non-QM securitization

Read more: Reverse mortgage lender Longbridge preps first non-agency MBS

Last August, Longbridge Financial, a reverse mortgage lender majority-owned by Ellington and Homepoint, announced a $229 million non-agency MBS backed by proprietary loans. A month before that, Ellington closed a $331.8 million MBS secured by non-QM loans.

According to a report from Inside Mortgage Finance, non-agency MBS issuance declined 15.4% quarter over quarter to $42.52 billion in Q1 2022. The slump was primarily due to the 16.3% decline in prime non-agency MBS issuance, which fell to $20.87 billion in the first quarter.