BREAKOUT SESSION: Investor Demand Across the Non-Agency Stack
Non-QM securitization volume doubled in 2025 and is on pace to grow almost as quickly this year, and other portions of the non-agency market are also growing at a strong pace. Originators, aggregators, and investors break down volume trends, credit performance, and hedging strategies across Non-QM, HELOC, and Residential Transition Loans (RTL). Get a clear view of investor demand, spread dynamics, and where opportunities are emerging. Sponsored by Enact MI.
Speakers
Moderator
John Toohig is a Managing Director at Raymond James®, a Board Member and President of Raymond James Mortgage Company, Inc., and Head of the Whole Loan Group. John joined Raymond James® (formerly Morgan Keegan) in September of 2006. As manager of the Whole Loan Group, John’s primary responsibilities include day-to-day trading of whole loan packages, portfolio analysis, transaction management and the structuring of whole loan, participation, and various structured products. John’s product focus encompasses both seasoned and new production: residential mortgages (both QM and Non-QM), commercial mortgages, consumer lending, fintech lending, scratch and dent loans, and non-performing assets. Prior to joining the Whole Loan group at Raymond James, John was a part of the Taxable Banking platform.
Speakers
Kate Amor is EVP and Head of Enterprise Products at Rate, responsible for loan product strategy and execution across platforms serving institutional and enterprise clients. Kate’s scope spans the full lending stack, with ownership of a broad portfolio of GSE, non agency, and home equity offerings, and particular strength in credit driven product design, pricing discipline, and scalable execution. Kate builds products with an operator’s lens—focused on performance, market adoption, and durability through changing market conditions.
Audrie Gregory is a Vice President at Verus Mortgage Capital, where she has been a key contributor since 2017. With over two decades of experience in the mortgage industry, her background spans mortgage insurance and correspondent conventional lending, having held roles at Citi, SunTrust, and Franklin American. Audrie brings deep expertise in the non-QM space, particularly in supporting conventional lenders as they expand into non-agency products. Her insights are grounded in a comprehensive understanding of both traditional and emerging credit markets.
Ken Hockstein is a senior insurance portfolio manager, responsible for managing investments for Voya’s general account and external multi-sector insurance client accounts. Ken focuses on private credit, with responsibility for asset sourcing as well as developing strategic relationships that expand Voya's capabilities in private assets. Previously at Voya, Ken was responsible for managing alternative investments for Voya’s general account. Prior to that, at Voya predecessor companies, he held various roles including head of credit risk analytics, portfolio manager and research analyst. Ken earned an MBA from Emory University’s Goizueta Business School and a BS in economics from the University of Delaware. He is a CFA® Charterholder and holds the Chartered Alternative Investment Analyst® certification.
Mack Walker is Senior Vice President of Capital Markets at Deephaven Mortgage. He is charged with driving the growth and profitability of all Deephaven sourcing channels, including product development and the delivery of Non-QM/Non-Agency assets into the secondary market. Before joining Deephaven in 2015, he was with UBS Financial Services. Mack holds a B.A. in Finance from Wofford College.
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