Onslow Bay Expands Non-QM Correspondent Channel With MeridianLink Integration
Annaly-backed aggregator adds in-house LOS capabilities to support loan acquisition and correspondent growth
A non-agency mortgage aggregator is expanding its correspondent lending infrastructure, adding new technology as competition for Non-QM loan acquisition continues.
Onslow Bay Financial, backed by Annaly Capital Management, has implemented MeridianLink Mortgage’s loan origination system to support the growth of its correspondent channel, the companies announced.
The platform will be used to manage loan flow, pricing inputs and delivery processes tied to Onslow Bay’s acquisition of non-agency loans.
Correspondent Channel Expansion
The company said the integration will support expansion of its non-delegated correspondent channel, where originators deliver loans to an investor for underwriting and purchase.
Onslow Bay operates as a loan aggregator and securitization platform, purchasing closed loans from originator partners and packaging them into residential mortgage-backed securities.
Since launching its securitization platform in 2015, the company has issued more than $45 billion in residential mortgage-backed securities, including approximately $32 billion in non-QM issuance, according to its parent company.
Scaled Platform With Active Loan Flow
The platform reached a milestone in 2025 with its 100th residential whole loan securitization. Separate transactions have reached as large as $743 million, according to Annaly.
In 2023, Onslow Bay completed 19 securitizations, reflecting consistent issuance activity tied to correspondent loan acquisition.
As of 2025, the platform ranked as the largest non-bank issuer of prime jumbo and expanded credit mortgage-backed securities, according to its parent company.
Operational Shift Toward In-House Execution
By bringing loan origination system capabilities in-house, Onslow Bay is increasing control over how loans are received, evaluated, and prepared for purchase and securitization.
Investor-owned platforms have increasingly focused on standardizing loan delivery and data capture earlier in the process, particularly in non-agency lending, where underwriting criteria and documentation requirements can vary across programs.
The expansion comes as institutional investors continue to build out infrastructure tied to non-agency lending, including correspondent channels, securitization platforms, and funding capacity.
Market participants have continued to allocate capital to Non-QM and expanded credit strategies, even as rate volatility and loan performance trends remain under review in parts of the sector.
Implications For Originators
For originators, the expansion reflects continued activity among non-agency buyers in the correspondent space.
It also points to a greater emphasis on standardized delivery processes and data consistency when working with institutional investors purchasing Non-QM loans.
As more investors build internal systems tied directly to loan acquisition, execution is increasingly influenced by how loans are delivered into those platforms, in addition to credit characteristics.