Latest News

Housing Executive Order Less Expansive Than Hoped For
October 23, 2026
The order included four directives, stopping well short of requests from mortgage industry participants.
GSE Primary MI Volume Up in 3Q, FHA Slips
October 23, 2026
Purchase-mortgage volume increased from the second quarter and refi business dropped.
Profits Skyrocket at Rithm’s Mortgage Unit in 3Q, Helped by Servicing
October 23, 2026
Rithm’s residential mortgage unit turned a $604.8 million profit before taxes during the third quarter, more than five times the income the unit generated the prior quarter.
UWM Selling Large Chunk of Servicing During Fourth Quarter
October 23, 2026
The planned sale amounts to nearly 30% of UWM's servicing portfolio as measured at the end of September.

Buybacks
Seller Repurchases of GSE Loans Bounce Up in 2Q
Seller repurchases of defective Fannie/Freddie loans increased 19% from the first to the second quarter of 2026. Although the 2025 book appears to be one of the cleanest in recent years, unresolved buyback claims were up 18% in the second quarter. (Includes three data tables.)
Channels
Retail Share Rising in Conventional-Conforming
The retail channel accounted for 44.2% of conventional-conforming originations in the second quarter among a large group of survey participants, up from a 41.4% share in the first quarter and a share of 38.9% in the second quarter of 2025. (Includes two data tables.)
MBS
Refi Activity Plummets, Dragging Down Agency MBS in 3Q
The flow of refis into agency MBS nearly halved during the third quarter. Purchase-mortgage volume was up 12.5% on a sequential basis; but over the first nine months, it was up only 1.3% year over year. (Includes two data tables.)
Originations
ARM Production Rebounds
Originations of adjustable-rate mortgages bounced back in the second quarter after a decline in the quarter prior. (Includes data table.)
Originations
Originations of Home Equity Loans Rise 20% in 2Q
Home equity lending is being fueled by accumulation of equity and elevated interest rates, which have diminished demand for refis. (Includes three data tables.)
Originations
Origination Share Up for Nonbanks, Large Lenders in 2026
Nonbank mortgage originations increased by 30.3% on an annual basis in the first half of 2026 while bank production was up 22.2%. (Includes two data tables.)

Inside Mortgage Finance

Primary MI Trends Split in Agency Market in 3Q
Government-sponsored enterprise business with private MI ticked up on a quarterly basis in the third quarter and FHA volume fell. (Includes three data tables.)
Incentives Grow for Lenders to Use VantageScore
There’s the LLPA reduction for VS4, lower prices compared with FICO and a more expansive population of scored consumers.
- Trump Admin Seeing GSEs as Useful Tool for Affordability
- Former FHA Commissioner Defends MIP Level
More Inside Mortgage Finance

Inside MBS & ABS

ABS Issuers Weathering Rising Rates; Investors Intrigued
October 22, 2026
Issuers are having difficulties sourcing assets and are facing widening spreads. Investors are still largely supporting issuance, with many eyeing esoteric assets.
Drops in Key Business ABS Sectors Slow 3Q Issuance
October 22, 2026
Issuance of vehicle ABS saw a healthy 10% increase in the third quarter of 2026, but the business sector recorded a 41% decline as securitization of data centers, fiber-network and aircraft finance faltered. (Includes three data tables.)
Mixed Views Among Investors in Expanded-Credit MBS
October 22, 2026
As interest rates increase, the value of outstanding expanded-credit MBS declines. Investors are responding by demanding higher spreads for new issuance, putting pressure on issuers.
Fitch Seeks Input on New Scoring Models for MBS
October 22, 2026
Fitch Ratings has called for feedback on how alternative credit scores could affect its MBS rating framework.

More Inside MBS & ABS

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Inside Nonconforming Markets

Major Lenders Pull Back on ECM MBS in 3Q
October 23, 2026
Several lenders that typically contribute significant amounts of loans to expanded-credit mortgage-backed securities reduced their contributions in the third quarter of 2026. (Includes three data tables.)
High Rates Push Lending Activity to Expanded-Credit Market
October 23, 2026
Rising interest rates are constraining originations of traditional mortgages and leading to a higher share for the expanded-credit market.
Annaly Continues to Increase Non-Agency MBS Issuance
October 23, 2026
The firm set an issuance volume record for the seventh straight quarter in the third quarter of 2026.
Cake Mortgage Sees Record Volume With Non-QMs
October 23, 2026
Non-QM wholesaler Cake Mortgage is posting record production this year, and plans to keep the momentum going by entering a new lending channel.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Bulk Transfers of Agency MSRs Decline in Third Quarter
October 16, 2026
Rocket was the top bulk seller with a sharp increase in transfers, but a number of other sellers pulled back. Coissuance activity increased somewhat from the second quarter. (Includes three data tables.)
Loan Retention Still Key Even as Refis Slow
October 16, 2026
Lenders see recapture programs as a growth opportunity as origination volume is expected to decline next year.
FHA Lags in Purchase-Mortgage Volume in 3Q
October 16, 2026
FHA mortgages accounted for 32.1% of overall purchase-mortgage volume with primary MI in the third quarter, losing share to private MIs and the VA. (Includes two data tables.)
Credit Reporting Agencies Cut Prices, Launch New Products
October 16, 2026
Equifax, TransUnion and Experian have updated prices for pulling certain credit scores.

More Inside Mortgage Trends

Inside FHA/VA Lending

Top Ginnie Servicers Increase Portfolios in Third Quarter
Eight of the top 10 Ginnie Mae servicers had bigger portfolios at the end of September than at the midway point in the year. (Includes four data tables.)
Former FHA Head Laments Programs That Didn’t Make Cut
Former FHA Commissioner Frank Cassidy wishes FHA had been able to prioritize reforms to encourage more originations of small-dollar mortgages while he was running the agency.
FHA Expects Alt Credit Scores to Improve Modeling
VantageScore 4.0 and FICO 10T will help save FHA money by improving its loan modeling, said Commissioner-nominee Matt Jones.
GAO: HUD Lost Experienced Staff in 2025
More than a third of staff members who left the Department of Housing and Urban Development last year had been with the agency for 20 or more years, according to the Government Accountability Office.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Bulk Transfers of Agency MSRs Decline in Third Quarter
Rocket was the top bulk seller with a sharp increase in transfers, but a number of other sellers pulled back. Coissuance activity increased somewhat from the second quarter. (Includes three data tables.)
Inside Mortgage Finance
Primary MI Trends Split in Agency Market in 3Q
Government-sponsored enterprise business with private MI ticked up on a quarterly basis in the third quarter and FHA volume fell. (Includes three data tables.)
Inside Nonconforming Markets
Major Lenders Pull Back on ECM MBS in 3Q
Several lenders that typically contribute significant amounts of loans to expanded-credit mortgage-backed securities reduced their contributions in the third quarter of 2026. (Includes three data tables.)
Inside MBS & ABS
ABS Issuers Weathering Rising Rates; Investors Intrigued
Issuers are having difficulties sourcing assets and are facing widening spreads. Investors are still largely supporting issuance, with many eyeing esoteric assets.
Inside the CFPB
CFPB Actions Uncertain as Johnson Confirmation Drags On
Industry experts said it’s unclear what actions the CFPB will pursue while waiting for Brian Johnson to be confirmed as CFPB director.
Inside The GSEs
Deliveries to the GSEs Decline by 10% in Third Quarter
AmeriHome Mortgage, one of just two banks among the top 10 GSE sellers in the third quarter, was also the only top 10 seller with a sequential increase in deliveries. (Includes two data tables.)
Inside FHA/VA Lending
Top Ginnie Servicers Increase Portfolios in Third Quarter
Eight of the top 10 Ginnie Mae servicers had bigger portfolios at the end of September than at the midway point in the year. (Includes four data tables.)

Inside The GSEs

Deliveries to the GSEs Decline by 10% in Third Quarter
AmeriHome Mortgage, one of just two banks among the top 10 GSE sellers in the third quarter, was also the only top 10 seller with a sequential increase in deliveries. (Includes two data tables.)
GSE Executives Highlight Improvements in Tough Market
Freddie Mac’s Sonu Mittal and Fannie Mae’s Jake Williamson detailed the GSEs’ challenges and successes in a deeply troubled mortgage market.
More Inside The GSEs

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?