When mortgage rates stayed higher for longer over the past few years, originators increasingly turned their attention to nonqualified mortgages (non-QMs). But that resurgence may not lose momentum even if rates decline in 2026.

“We traditionally have seen nonagency volumes represent about 10% of the mortgage business. If you figure it’s $2 trillion a year in annual originations, that’s a $200 billion non-QM market,” Tom Hutchens, president of Angel Oak Mortgage Solutions, said in an exclusive interview with HousingWire.

“Last year volume was $80 billion to $90 billion. Market forecasts are in the $150 billion range for 2026. details ⇒

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