MIAC’s Whole Loan Pricing Report – November 2025 provides insight into agency pricing trends, Treasury yield shifts, and liquidity conditions across whole loan markets.
Market Commentary
Agency pricing improved in November. Pricing on the UMBS 5.0 was 99.55 to end October and rose to 99.79 at month end, a +0.241% change in price.
The 10 Year Treasury yield fell to 4.014 by month end, which is approximately 6 bps lower than the end of October.
In the last 90 days, new origination spreads have remained relatively flat on Jumbo loans while Conforming product spreads have tightened by approximately 13 bps relative to the 10 Year Treasury. In the last 30 days, Jumbo spreads have widened by approximately 9 bps, and spreads for Conforming mortgages have widened by approximately 6 bps relative to the 10 Year Treasury. Investors continue to have an appetite for mortgage debt, and it continues to be an opportune time to sell illiquid mortgage portfolios, as limited inventory has provided for strong pricing. Buyers continue to show a strong appetite for Scratch and Dent, Early Buy Out (EBO), Non-Performing, and Non-QM portfolios with attractive characteristics. Sellers are generally looking for premiums to move any performing product without defects, and sell-side inquiry has remained stable for both performing and delinquent loans.
Market Intelligence
MIAC seeks to drive the execution of whole loan transactions across a broad spectrum of asset types, leveraging decades of experience in trade execution and settlement. Each year, our team values several trillion dollars’ worth of whole loans, including EBO, Scratch & Dent, NPL, RPL, Non-QM, and CRE. Through our brokerage and valuation services, we gain insights into market trends and trade execution.
Individual Loan Pricing Report
Benchmark Rates
Loan Sales & Execution
We offer a marketing effort focused on engaging qualified counterparties for your trade. MIAC’s brokerage professionals work as a partner, assisting the seller through the auction process. We strive for a smooth transaction and best execution.
Highlighted Offerings
$10-20 Million Monthly Flow – Chattel Mortgage Whole Loan Sales
$21.8 Million Scratch and Dent Whole Loan Sale
$26.5 Million Scratch and Dent Whole Loan Sale
Contact
Steve Harris
Managing Director, MIAC Capital Markets
(908) 400-2615
Steve.Harris@miacanalytics.com
Nicholas Dorn
SVP, Whole Loan Sales, Trading
(561) 346-6814
Nicholas.Dorn@miacanalytics.com
The material and analysis provided by or through Mortgage Industry Advisory Corporation® or MIAC Analytics™ (MIAC). It is not a recommendation that must be followed or an offer, or solicitation of an offer to buy or sell any financial product; MIAC does not recommend that you enter into a particular transaction or represent that any product or service described here is suitable for you or your company. Nor is any information displayed here promoting any particular trading strategy in any jurisdiction where such an offer or solicitation, or trading strategy may be prohibited. As all prudent investors know, some transactions, including but without limitation, those involving high-yield securities, give rise to substantial risk and any investment decision you may make is your own. You should not enter into any transactions unless you have fully understood all such risks and have independently determined that such transactions are appropriate for you. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or complete discussion of the risks mentioned.
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