RiskSpan launched Credit Model 7.1 for non-QM loans, trained on $87B UPB, as Q3 2025 issuance rose 97% to $20.9B.

CHLA says small-balance FHA mortgages often lose money because fixed origination and servicing costs overwhelm revenue on loans under $100K.

MBA’s MCAI fell 2% to a reading of 105.8 in June, led by a 4.6% drop in government programs, while conventional dipped 0.1%.

AD Mortgage Trust 2026-NQM5 is backed by 1,008 loans, with a 754 weighted average FICO score and an expected closing date of July 15.

A best execution framework compares GSE, Ginnie Mae, PLS and portfolio outcomes under Classic FICO and lender choice. If LLPAs increase to price adverse selection, modeling suggests a meaningful shift in credit allocation and risk across investors.

MBA’s Builder Application Survey reported new home purchase apps down 3% from April and up 3.8% year over year.