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Ginnie Loans Help Drive Up Servicing Balances in 2025
March 20, 2026
Some $2.71 trillion of Ginnie servicing was outstanding as of the end of 2025, up 6.8% from 2024.
Banks Happy With Capital Re-Proposals on First Glance
March 20, 2026
“We welcome regulators’ efforts to enable banks of all sizes to make more loans to American businesses and households, fueling economic growth while maintaining resilience in the banking system,” said trade groups representing banks.
Demand for MBS Could Weaken With Prolonged War
March 20, 2026
“The risk,” said Mario Ichaso, a trading desk strategist at Wells Fargo, “is that stagflation becomes the common, more dominating view, and mortgage spreads could widen in that situation.”
Goldman Offers 3 Non-Agency MBS in Single Day
March 20, 2026
Goldman Sachs launched two prime non-agency MBS and a HELOC securitization Thursday.

Sales
GSE Deliveries Fall 11.4% in February
Three of the top-five GSE issuers posted declines in volume last month. Meanwhile, Fannie’s share of total residential MBS issuance fell to a decade-plus low of 24.0% in the fourth quarter of 2025. (Includes two data tables.)
Earnings
Nonbank Earnings Slip in 4Q25, Fail to Match 2024
Most nonbanks reported bigger gains in lending volume in the fourth quarter of 2025 than in production income. MSR valuations continued to drive servicing income lower. (Includes data table.)
ABS
Bank ABS Holdings Edge Higher in Fourth Quarter
The two largest bank ABS investors, TD Bank and Bank of America, accounted for virtually all of the industry’s fourth-quarter growth in non-mortgage ABS. (Includes two data tables.)
Investors
REIT MBS Holdings Still Growing as 2025 Closes
Most mortgage REITs took advantage of strong MBS fundamentals to increase their agency holdings in the fourth quarter. While some REITs are drawn to the surging non-QM sector, industry holdings of non-agency MBS fell last year. (Includes two data tables.)
Originations
Jumbo Share Rises in 2025 With Non-Agency Push
Non-agency jumbo mortgages accounted for 15.4% of total single-family originations in 2025, compared with a 12.7% share in 2024. Meanwhile, agency high-balance activity declined somewhat. (Includes three data tables.)
Government-Insured Originations
FHA, VA Refi Endorsements Soar in Fourth Quarter
VA refinance activity more than doubled in the fourth quarter and FHA refi volume was up 55%. United Wholesale Mortgage was the top lender in both government loan programs. (Includes three data tables.)

Inside Mortgage Finance

Ginnie, Non-Agency Loans Drive Servicing Higher
GSE servicing outstanding barely budged during 2025 while Ginnie servicing increased by 6.8% on an annual basis. In owned servicing, the only firms with major gains in 2025 were nonbanks. (Includes two data tables.)
Trump Orders Mortgage Regulation Rollback
A new executive order directs federal agencies to consider changing several major mortgage regulations in part to increase mortgage lending by smaller banks. Consumer advocates raised alarms.
- Bank Regulators Propose Loosening Capital Requirements
- Divisions on Housing Bill Increase With Senate Passage
More Inside Mortgage Finance

Inside MBS & ABS

Plenty of Investors Ready to Cover Fed’s MBS Retreat
March 19, 2026
While depository institutions and the central bank scaled back their MBS holdings during the fourth quarter, money managers, life insurance companies and the GSEs ramped up their portfolios. (Includes three data tables.)
MBS Analysts Weigh Impact of Iran War
March 19, 2026
Since the Iran war started, interest rates have returned to where they were when President Trump directed the GSEs to purchase $200 billion in MBS and most analysts say GSE reform is now off the table.
Agency Rules Restrictive for CDFI Mortgage Lending
March 19, 2026
The government-sponsored enterprises and Ginnie Mae have requirements that keep many community development financial institutions out of the mortgage business, according to CDFIs.
Bank CLO Holdings Edge Higher in Fourth Quarter
March 19, 2026
JPMorgan Chase remained the largest bank CLO investor despite a modest decline in its portfolio during the fourth quarter of 2025. (Includes data table.)

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Inside Nonconforming Markets

Non-Agency Jumbo Lending Flourished in 2025
March 13, 2026
Non-agency jumbo mortgages gained market share with production up nearly 40% on an annual basis in 2025. All but one of the top 10 non-agency jumbo lenders reported year-on-year increases. (Includes data table.)
Non-Agency Interest Rates Rise Amid Volatility Due to Iran War
March 13, 2026
Market volatility and oil price shocks tied to the conflict in the Middle East are driving up interest rates on non-agency mortgages.
Newfi Lending Open to Acquisitions, Partnerships
March 13, 2026
After rapid growth in 2025, Newfi Lending is looking to acquire lenders and establish partnerships.
Jumbo Servicing Volume Grows in Fourth Quarter
March 13, 2026
The volume of jumbo mortgages handled by 30 major servicers inched up 1.3% between the end of third quarter of 2025 and yearend. Compared with the end of 2024, servicing volume was up 2.4%. (Includes data table.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Production vs Servicing Results Mixed in 4Q25
March 20, 2026
Earnings reports from public companies showed gains in production-related and servicing income during the fourth quarter, but the broader MBA performance study found declines on both sides of the business. (Includes data tables.)
Correspondents Retreat in 4Q as Brokers Forge Ahead
March 20, 2026
Wholesale and retail lenders expanded their mortgage production more than correspondent aggregators in the origination boomlet that took shape during the final quarter of 2025. (Includes two data tables.)
Freedom to Acquire MSR Holder Seneca
March 20, 2026
Freedom Mortgage plans to acquire private equity-backed Seneca Mortgage Servicing and its billions in non-government mortgage servicing rights.
Homebuilders’ Usage of Sale Incentives Stabilizing
March 20, 2026
Homebuilders are optimistic that the spring homebuying season should boost profits and reduce incentive usage.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie MBS Issuance Sees Seasonal Plunge in February
Issuers of Ginnie Mae securities took it easy in February, producing just $38.07 billion of MBS, off 24.6% from the previous month. Purchase mortgage and refi volumes declined at similar paces. (Includes two data tables.)
Servicers Seek More Time to Implement VA Partial Claims
The Mortgage Bankers Association and Community Home Lenders of America urged the Department of Veterans Affairs to allow for at least 180 days to implement a new partial claim program.
MBA Calls for Changes to FHA Multifamily Loan Limits
The Mortgage Bankers Association withheld its support for housing legislation ahead of a vote this week in the Senate, seeking changes to FHA and VA provisions. The Senate passed the bill without further amendments.
Servicers Face Higher Costs Amid Rising Delinquencies
The costs of servicing nonperforming FHA loans were high enough for Mortgage Center, a Michigan-based credit union service organization, to change its strategy.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Production vs Servicing Results Mixed in 4Q25
Earnings reports from public companies showed gains in production-related and servicing income during the fourth quarter, but the broader MBA performance study found declines on both sides of the business. (Includes data tables.)
Inside Mortgage Finance
Ginnie, Non-Agency Loans Drive Servicing Higher
GSE servicing outstanding barely budged during 2025 while Ginnie servicing increased by 6.8% on an annual basis. In owned servicing, the only firms with major gains in 2025 were nonbanks. (Includes two data tables.)
Inside Nonconforming Markets
Non-Agency Jumbo Lending Flourished in 2025
Non-agency jumbo mortgages gained market share with production up nearly 40% on an annual basis in 2025. All but one of the top 10 non-agency jumbo lenders reported year-on-year increases. (Includes data table.)
Inside MBS & ABS
Plenty of Investors Ready to Cover Fed’s MBS Retreat
While depository institutions and the central bank scaled back their MBS holdings during the fourth quarter, money managers, life insurance companies and the GSEs ramped up their portfolios. (Includes three data tables.)
Inside the CFPB
Injunction Barring CFPB Terminations May be Revised
Industry attorneys said it looks like the full DC Circuit will send the National Treasury Employees Union lawsuit against the CFPB back to the district court, mandating a revision of the preliminary injunction.
Inside The GSEs
Profits Sag at FHLBanks in Fourth Quarter
Profits declined at 10 of the 11 FHLBanks in the fourth quarter. Only FHLB Atlanta increased net income during the period. (Includes two data tables.)
Inside FHA/VA Lending
Ginnie MBS Issuance Sees Seasonal Plunge in February
Issuers of Ginnie Mae securities took it easy in February, producing just $38.07 billion of MBS, off 24.6% from the previous month. Purchase mortgage and refi volumes declined at similar paces. (Includes two data tables.)

Inside The GSEs

Profits Sag at FHLBanks in Fourth Quarter
Profits declined at 10 of the 11 FHLBanks in the fourth quarter. Only FHLB Atlanta increased net income during the period. (Includes two data tables.)
No End in Sight for GSE Conservatorship
Analysts are increasingly skeptical that the Trump administration will follow through on plans to recapitalize and release the GSEs. Some seek broader reform.
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?