Polygon Research calculates that Non-QM loans represented 10% of total U.S. mortgage originations in 2025 by loan count and 9.8% by dollar volume, totaling over $232 billion across 697,404 loans. This is based on loan-level HMDA data classified using the ATR/QM regulatory framework. This market size analysis is based on Polygon Research's methodology described in a recent whitepaper. You can download it here to learn more: https://www.polygonresearch.com/whitepapers/unlocking-non-qm-market-intelligence