This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Nov. 3, 2026--Since its inception over a decade ago, the non-qualified mortgage (non-QM) origination and securitization market has in many ways become commoditized. (The non-QM market also includes business purpose loans, which are referred to as debt service coverage ratio, or DSCR, loans because they are underwritten to the expected cashflows of the property.) To give the reader a sense of how the non-QM market has evolved and where it stands today in terms of loan programs, S&P Global Ratings is presenting high-level findings from our examination of a broad range of originators and aggregators, as well as non-QM securitizations we have rated, in our article,"
