Redwood Trust Signals Bigger Non-QM Push With Aspire Securitization Plans, Capital Partner Talks
What the Aspire Securitization move signals for Non-QM originators
Redwood Trust said it expects to launch Aspire’s inaugural Non-QM securitization “in the coming weeks,” positioning the channel for an execution option beyond whole loan sales. On the company’s call, management framed securitization as a way to improve economics and scale over time, alongside discussions with third-party capital partners for Aspire and Sequoia.
For Non-QM-focused originators, the announcement points to a potentially deeper takeout and liquidity outlet tied to an ongoing platform buildout, rather than a one-off transaction.
President Dashiell I. Robinson said Aspire’s traditional gain-on-sale margin target is “75 to 100 basis points,” adding that a securitization platform “will be very accretive” versus whole loan sales.
Robinson also pointed to growth expectations in the broader Non-QM market, saying Redwood estimates the 2025 market at $130 billion and expects its own market share to rise in 2026 from an estimated 2% last year.
Aspire Distribution Nears $1 Billion As Execution Mix Evolves
During the fourth quarter, Aspire sold $648 million in one transaction, bringing full-year distribution to near $1 billion. Management presented the coming securitization as a next step in optimizing execution as volumes build.
Separately, Redwood said it is in advanced discussions with third-party capital partners for both Aspire and Sequoia. CFO Brooke E. Carillo said Redwood is “in evolved discussions for both a capital partner for Aspire and Sequoia,” with the goal of scaling “outside of our corporate balance sheet.”
Term Sheet Snapshot For Aspire Mortgage Trust 2026-1
A presale report dated Feb. 20, 2026, based on a printed term sheet dated Feb. 17, 2026, outlines Aspire Mortgage Trust 2026-1, with an expected closing date of Mar. 6, 2026, and a cutoff date of Feb. 1, 2026. The report says the ratings shown are preliminary and that it does not constitute a recommendation to buy, hold, or sell securities.
The report describes a $391.28 million certificate balance in aggregate, backed by 752 first-lien residential mortgage loans secured by single-family homes, planned-unit developments, condominiums, and two- to four-family properties. The loans are fixed- and adjustable-rate and fully amortizing, with some interest-only periods, and have a weighted average seasoning of about three months.
Nonagency Liquidity Backdrop: Sequoia And Bulk Flow
Across its Sequoia, CorVest, and Aspire platforms, Redwood reported $23 billion in combined 2025 production volume, a company record. Sequoia locked $5.3 billion of jumbo loans in the fourth quarter, up 5% from the third quarter and up 130% over 2024.
Bulk activity represented close to 60% of Sequoia’s fourth-quarter production, including a $500 million pool sourced from a regional bank. Robinson said the company expects a new Sequoia loan program tied to that bulk sourcing to “contribute meaningfully to 2026 volume.”