Residential-mortgage backed securities (RMBS) issuance of nonqualified mortgage (non-QM) pools reached record levels in the third quarter of 2025, according to a recent report from Morningstar DBRS that used data from CreditFlow.

The surge in issuance came even as credit performance showed signs of strain and the broader economic and housing environment cooled. The report found that monthly, quarterly and annual non-QM RMBS volumes reached record highs. The total of $20.9 billion in Q3 2025 was nearly double the $10.6 billion issued during the same period last year.

In regard to credit performance for these pools, delinquencies of 30 days details ⇒

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