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Primary MI Volume Up Somewhat in First Half of 2026
July 24, 2026
In the first half of 2026, $120.88 billion of GSE purchase mortgages with private MI was securitized, a 4.5% increase from the first half of 2025.
CFPB Director Nominee Johnson Details Priorities
July 24, 2026
Brian Johnson said he would prioritize protecting consumers, promoting accountability by ensuring the bureau acts prudently and within its statutory limits, and modernizing CFPB operations.
GSEs’ MBS Investing Providing Backstop for Market
July 24, 2026
The GSEs are acting like a relative value investor rather than crowding out other agency MBS investors, according to leaders of REITs that focus on agency MBS.
PrimeLending Takes Another Loss in 2Q, Originations Rise
July 24, 2026
PrimeLending took a pre-tax loss of $2.0 million in the second quarter of 2026, following a $2.4 million loss in the first quarter.

Characteristics
LTV Ratios on GSE Deliveries Up in Second Quarter
The share of GSE purchase mortgages with LTV ratios above 80% increased during the second quarter to a level last seen in 2023. However, lenders held firm on credit scores and the high-LTV-ratio share of refi business declined. (Includes two data tables.)
Issuance
Non-Agency MBS Issuance Declines Sharply in Second Quarter
Although securitization of seasoned non-agency loans fell by 50% from an abnormally high level in early 2026, issuance of MBS backed by recently originated loans held fairly steady. (Includes three data files.)
Servicing
Nonbanks Gain More Agency Servicing Share in Second Quarter
The nonbank share of agency servicing increased to 68.6% at the end of June. Rocket remained the top servicer, though the nonbank’s servicing portfolio declined during the second quarter. (Includes two data tables.)
Ginnie Mae Issuance
Ginnie Issuance Soars in 2Q; Purchase Mortgages Strong
The securitization market for government-insured mortgages during the second quarter of 2026 was the strongest since the fourth quarter of 2021. (Includes four data tables.)
Securitization
Non-Agency MBS Issuance Declines in Second Quarter
Issuance of non-agency mortgage-backed securities declined during the second quarter of 2026. Non-agency issuance involving GSE-eligible mortgages, though, was up slightly. (Includes data tables.)
Issuance
MBS/ABS Issuance Rises in 2Q26, But Momentum Stalls
Agency single-family MBS issuance rose 11% from the first to the second quarter, and midyear production was up 28% from 2025. But the refinance business is running out of gas and purchase-mortgage volume was flat compared with the first six months of last year. (Includes three data tables.)

Inside Mortgage Finance

Primary MI Volume, Characteristics Stable in Second Quarter
Lenders aren’t stretching to goose originations of GSE or government-insured loans. Issuance of agency MBS was fairly stable through the first half of 2026 and underwriting standards held firm, regardless of the presence of primary MI. (Includes three data tables.)
Carrington, Bayview Lead MSR Buyers, Strategies Vary
Carrington led MSR buyers in the first half of the year, focusing on loans with lower coupons. Bayview Asset Management ranked second, targeting mortgages with interest rates above 6.0%.
- Competition Tightens in Mortgage Employment
- VantageScore 4.0 Uptake Still Scant With GSEs
More Inside Mortgage Finance

Inside MBS & ABS

Consumer Debt Drives New ABS to Record High in 2Q
July 23, 2026
Securitization of consumer loans and credit cards saw huge gains from the first to the second quarter, helping ABS issuance set a new record. Stellantis was the top ABS issuer in the second quarter, while Bank of America ranked as the top underwriter. (Includes three data tables.)
Agency MBS Investors Happy With Backstop From GSEs
July 23, 2026
The Trump administration has provided little guidance on how the GSEs will achieve their goal of purchasing $200 billion of agency MBS. Still, actions by Fannie and Freddie have helped competing agency MBS investors get comfortable with activity by the mortgage giants.
Bayview Issues Forward-Flow Non-Agency MBS Deals
July 23, 2026
Bayview Asset Management recently issued two forward-flow deals, with the issuer adding to the pools during a prefunding period.
Warehouse Lending Securitization Could See Hit
July 23, 2026
The Basel re-proposal from federal bank regulators includes provisions that would limit mortgage warehouse lending and securitization by banks, according to industry participants.

More Inside MBS & ABS

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Inside Nonconforming Markets

Expanded-Credit MBS Issuance Declines in 2Q
July 17, 2026
Issuance of expanded-credit mortgages declined by 4.8% on a quarterly basis in the second quarter, with purchase-mortgage volume down. (Includes three data charts.)
Lack of Uniformity Among BPLs an Issue for Servicers
July 17, 2026
Servicers of business purpose loans noted challenges handling the asset class due to the customizable structure of the loans.
Home Equity Lender Button Finance Expands Into Non-QMs
July 17, 2026
Founded in 2019, New York-based Button Finance originally planned to focus on home equity lending, but is now branching out into non-qualified mortgages.
HEI Legislation Under Consideration in Congress
July 17, 2026
If passed, the Home Equity Lending Integrity Act would regulate home equity investment products, including subjecting HEIs to requirements under the Truth in Lending Act.

More Inside Nonconforming Markets

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Inside Mortgage Trends

MSR Transfers Increase in 2Q, UWM’s Sales Spike
July 24, 2026
Bulk sales of agency MSRs were up 30.8% on an annual basis in the first half of 2026. United Wholesale Mortgage accounted for nearly 30% of all bulk sale volume in the second quarter. (Includes three data tables.)
Capital Changes Unlikely to Boost Bank Business Much
July 24, 2026
Pending changes to bank capital requirements are unlikely to move depositories further into the mortgage lending space but could provide some additional flexibility to banks moving forward, according to Kroll Bond Rating Agency.
Delinquencies on Loans in Agency MBS Rise in Second Quarter
July 24, 2026
The delinquency rate increased the most on a quarterly basis for FHA mortgages. (Includes two data tables.)
The Pitfalls of Hiring From Competitors
July 24, 2026
Lenders looking to poach employees from competing firms should take various measures to avoid litigation, according to the law firm of Brody Gapp.

More Inside Mortgage Trends

Inside FHA/VA Lending

Top Ginnie Servicers See Modest Growth in 2Q
Ginnie Mae single-family servicing outstanding increased modestly during the second quarter, but individual servicers’ portfolios saw big movements. (Includes four data tables.)
HUD Seeks Partial Claim Note Consolidation
The Department of Housing and Urban Development plans to pursue rulemaking to allow a partial claim to be secured under the original mortgage, rather than as a subordinate note.
VA to Update Partial Claim, Property Requirements
The Department of Veterans Affairs’ 2026 regulatory agenda mostly consists of planned updates to align with recent lawmaking.
Industry Seeks FHA Property Requirement Reforms
Trade groups urged FHA to adopt a more holistic approach to determining the condition of a property, aligning its standards with those of the government-sponsored enterprises.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
MSR Transfers Increase in 2Q, UWM’s Sales Spike
Bulk sales of agency MSRs were up 30.8% on an annual basis in the first half of 2026. United Wholesale Mortgage accounted for nearly 30% of all bulk sale volume in the second quarter. (Includes three data tables.)
Inside Mortgage Finance
Primary MI Volume, Characteristics Stable in Second Quarter
Lenders aren’t stretching to goose originations of GSE or government-insured loans. Issuance of agency MBS was fairly stable through the first half of 2026 and underwriting standards held firm, regardless of the presence of primary MI. (Includes three data tables.)
Inside Nonconforming Markets
Expanded-Credit MBS Issuance Declines in 2Q
Issuance of expanded-credit mortgages declined by 4.8% on a quarterly basis in the second quarter, with purchase-mortgage volume down. (Includes three data charts.)
Inside MBS & ABS
Consumer Debt Drives New ABS to Record High in 2Q
Securitization of consumer loans and credit cards saw huge gains from the first to the second quarter, helping ABS issuance set a new record. Stellantis was the top ABS issuer in the second quarter, while Bank of America ranked as the top underwriter. (Includes three data tables.)
Inside the CFPB
CFPB to ‘Streamline’ Regulations, Help Small Businesses
The CFPB is planning a number of rulemaking activities across financial sectors. Many of the actions aim to reduce regulatory burdens.
Inside The GSEs
Largest Servicers Lose Ground in Second Quarter
Outstanding GSE servicing at Rocket Mortgage fell 2.1% from the first quarter, but its holdings still surpassed Chase, the second largest GSE servicer, by more than $322 billion. (Includes two data tables.)
Inside FHA/VA Lending
Top Ginnie Servicers See Modest Growth in 2Q
Ginnie Mae single-family servicing outstanding increased modestly during the second quarter, but individual servicers’ portfolios saw big movements. (Includes four data tables.)

Inside The GSEs

Largest Servicers Lose Ground in Second Quarter
Outstanding GSE servicing at Rocket Mortgage fell 2.1% from the first quarter, but its holdings still surpassed Chase, the second largest GSE servicer, by more than $322 billion. (Includes two data tables.)
Dialing Back Suspended Counterparty Enforcement
FHFA proposes eliminating the “reputational harm” provisions in the regulation to comply with an executive order issued last August.
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?