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Ginnie Drives Growth in Agency Servicing in First Quarter
April 17, 2026
Ginnie posted a 1.3% quarterly gain in servicing outstanding to $2.726 trillion at the end of March, not including servicing of home-equity conversion mortgages.
REIT MBS Investors Took Hits With Volatility in 1Q
April 17, 2026
The book value for a large group of real estate investment trusts that focus on mortgage-backed securities declined by an average of 5.1% during the first quarter of 2026, according to projections by analysts at Citizens JMP Securities.
PIMCO Cites Issues With Trump Admin’s Affordability Efforts
April 17, 2026
The PIMCO team criticized one of the most popular proposals for lowering the cost of a mortgage: reducing the guarantee fees charged by the GSEs.
Margins Improve on Originations at Fifth Third in 1Q
April 17, 2026
Fifth Third Bank generated a gain-on-sale margin from mortgages of 1.47% during the third quarter of 2026.

Sales
GSE Deliveries Weaken in First Quarter of 2026
Large lenders increased their share in the conventional mortgage market even as their GSE volume fell. (Includes two data tables.)
Characteristics
GSE Lenders Stretch Credit Envelope in First Quarter
Purchase mortgages and refinances in the highest loan-to-value ratio category accounted for a greater share of mortgages delivered to Fannie Mae and Freddie Mac in the first quarter of 2026. (Includes two data tables.)
Profitability
Bank Sales of Mortgages Rise to 2022 Level at End of 2025
Bank mortgage sales and originations rose in the fourth quarter to levels last seen in 2022. (Includes two data tables.)
Issuance
Structured Finance Market Keeps Momentum Going
The residential MBS market could see slumping production as interest rates climb and the housing market softens. Non-mortgage ABS issuance started the year strong, while CMBS production declined. (Includes three data tables.)
MBS
Purchase-Mortgage Volume Plods Along in Agency Market
Deliveries of purchase mortgages to agency MBS were essentially level in the first quarter of 2026 compared with the first quarter of 2025. Refi business remained elevated. (Includes two data tables.)
Funding
Warehouse Lending Elevated Ahead of March Disruption
Warehouse borrowing capacity increased by 15.7% on an annual basis in 2025. And then interest rates on mortgages spiked in March. (Includes data table.)

Inside Mortgage Finance

Agency Servicing Market Subdued in Early 2026
Depository institutions increased their share of the agency servicing market slightly in the first quarter of 2026 as a handful of banks bought GSE MSR in the bulk market. (Includes two data tables.)
MBA Set to Hit Capitol Hill With Fresh Policy Agenda
The trade group plans to target provisions in the bipartisan housing package moving through Congress, including efforts to deter corporate investors from buying single-family homes.
- UWM Tried to Save Planned Acquisition of Two Harbors
- FHFA’s Scrapped Press Conference Fires Rumor Mill
More Inside Mortgage Finance

Inside MBS & ABS

ECM Drives Non-Agency MBS Issuance in Early 2026
April 16, 2026
Non-agency MBS issuance hit its highest level since the third quarter of 2007, largely because of surging production of the new generation of Alt A and subprime deals. JPMorgan Chase was the top issuer and top underwriter in the first quarter. (Includes three data tables.)
PIMCO Skeptical of Trump Administration’s Affordability Plans
April 16, 2026
Experts at the bond giant criticized the random MBS purchases, GSE public offering plans and guarantee-fee reductions.
Industry Group Weighs Risks of GSE Reform
April 16, 2026
The Treasury Market Practices Group released a white paper identifying how a change in the ownership structure of Fannie Mae and Freddie Mac could impact the broader financial markets.
First Municipal Bond Tied to Bitcoin Assessed as CLO
April 16, 2026
The New Hampshire Business Finance Authority’s bitcoin-backed municipal bond received preliminary ratings under Moody’s structured finance framework.

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency MBS Issuance Heads Higher in First Quarter
April 10, 2026
Issuance of non-agency MBS backed by newly originated mortgages increased by 34.2% on a quarterly basis in the first quarter of 2026. (Includes data tables.)
Non-QM Performance Worsens in February
April 10, 2026
The impairment rate on non-qualified mortgages increased by 51 basis points in February, driven by a mix of higher new impairments and further deterioration in cure and made-payment rates, according to dv01.
Non-QM Borrowers Weather Home Price Depreciation
April 10, 2026
Weakness in the housing market last year did not materially impact non-qualified mortgage delinquency rates, according to research by Goldman Sachs.
Mixed Trends in GSE Noncore Activity in First Quarter
April 10, 2026
Conforming jumbo mortgage volume delivered into Fannie Mae and Freddie Mac MBS fell on a quarterly basis in the first quarter, but activity was up for investment-property and second-home mortgages. (Includes data table.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Bulk Agency MSR Sales Back to Normal in First Quarter
April 17, 2026
Carrington Mortgage Services was the top bulk buyer of agency MSR in the first quarter of 2026, thanks to a large acquisition of Ginnie servicing from Pennymac. Bayview Asset Management was the top buyer in the coissuance market. (Includes three data tables.)
Bleaker Mortgage Outlook Amid Iran War Inflation
April 17, 2026
Inflation caused by the U.S.-Iran War means that mortgage rates aren’t likely to fall back below 6.0% this year, according to Mike Fratantoni, chief economist at the Mortgage Bankers Association.
Recovery in Agency Delinquencies in 1Q Not as Robust
April 17, 2026
The improvement in mortgage performance seen in early 2026 was weaker than in the first quarter of the prior two years. Much of the difference was due to an increase in loans 120+ days delinquent, with particular issues involving FHA mortgages. (Includes two data tables.)
loanDepot Turns to Figure in HELOC Partnership
April 17, 2026
loanDepot will launch a new white-label home equity line of credit product powered by Figure that can provide homeowners an equity payout in as little as five days.

More Inside Mortgage Trends

Inside FHA/VA Lending

Seasonal Slowdown Hits Ginnie Issuance in First Quarter
Ginnie Mae MBS issuance declined 10.7% in the first quarter of 2026 due to a seasonal slowdown in purchase lending. Refinance activity held steady, helped by FHA business. (Includes four data tables.)
Ginnie President Gormley Temporarily Heading FHA
FHA Commissioner Frank Cassidy has taken a leave of absence for the foreseeable future.
FHA Funding Flat in Trump’s 2027 Budget Wishlist
President Trump’s proposed budget for fiscal year 2027 would appropriate $160 million for FHA’s administrative expenses, level with the 2026 funding level.
Spike in FHA Delinquencies Largely Tied to Loss-Mit Change
The addition of the trial payment plan in FHA’s loss-mitigation waterfall appeared to have accounted for most of the recent jump in FHA severe delinquencies, according to research published by CRL.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Bulk Agency MSR Sales Back to Normal in First Quarter
Carrington Mortgage Services was the top bulk buyer of agency MSR in the first quarter of 2026, thanks to a large acquisition of Ginnie servicing from Pennymac. Bayview Asset Management was the top buyer in the coissuance market. (Includes three data tables.)
Inside Mortgage Finance
Agency Servicing Market Subdued in Early 2026
Depository institutions increased their share of the agency servicing market slightly in the first quarter of 2026 as a handful of banks bought GSE MSR in the bulk market. (Includes two data tables.)
Inside Nonconforming Markets
Non-Agency MBS Issuance Heads Higher in First Quarter
Issuance of non-agency MBS backed by newly originated mortgages increased by 34.2% on a quarterly basis in the first quarter of 2026. (Includes data tables.)
Inside MBS & ABS
ECM Drives Non-Agency MBS Issuance in Early 2026
Non-agency MBS issuance hit its highest level since the third quarter of 2007, largely because of surging production of the new generation of Alt A and subprime deals. JPMorgan Chase was the top issuer and top underwriter in the first quarter. (Includes three data tables.)
Inside the CFPB
Trump Admin Plans to Fire Half of CFPB Staff
In a court filing last week, the administration offered a revised plan to lay off nearly 53% of the bureau’s current staff, downsizing the agency from 1,174 employees to 556.
Inside The GSEs
Depository Servicers End Slide in Servicing Share
Banks and other depository institutions regained a little market share in GSE servicing during the first quarter of 2026 after 11 consecutive quarters of losing share to nonbanks. (Includes two data tables.)
Inside FHA/VA Lending
Seasonal Slowdown Hits Ginnie Issuance in First Quarter
Ginnie Mae MBS issuance declined 10.7% in the first quarter of 2026 due to a seasonal slowdown in purchase lending. Refinance activity held steady, helped by FHA business. (Includes four data tables.)

Inside The GSEs

Depository Servicers End Slide in Servicing Share
Banks and other depository institutions regained a little market share in GSE servicing during the first quarter of 2026 after 11 consecutive quarters of losing share to nonbanks. (Includes two data tables.)
FHLBanks Push for Regulatory Reforms
The Federal Home Loan Bank trade group supports President Trump’s executive order on improving access to mortgage credit.
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?