Latest News

Correspondent Channel Loses More Share in First Quarter
June 5, 2026
Cash window acquisitions by the GSEs look to be cutting into the volume of production flowing to correspondent aggregators.
GSEs’ Treatment of VantageScore a Black Box
June 5, 2026
It's not clear how the GSEs are applying loan level price adjustments to mortgages underwritten with VantageScore.
GSE MBS Investors Frustrated by Trump Administration
June 5, 2026
“There needs to be more clarity on how the GSEs participate in this space,” said Barath Sankaran, a portfolio manager of mortgages at Loomis Sayles.
Netcapital to Acquire Resmac in $5 Million Deal
June 5, 2026
The acquisition is set to add a new revenue stream to Netcapital that is focused on residential mortgage originations and servicing.

Government-Insured Originations
FHA Refis Sole Bright Spot in First-Quarter Originations
Overall, FHA and VA lending declined by 8.3% on a quarterly basis in the first quarter of 2026. FHA refi volume was up, helped by loans to existing FHA borrowers. (Includes three data tables.)
Portfolios
Banks’ Mortgage Holdings Inch Down in First Quarter
Adjustable-rate mortgages accounted for 38.2% of first-lien holdings at banks and thrifts at the end of March, down from 42.6% at the end of December. (Includes data table.)
Servicing
Chase Lags on Non-Agency MBS Servicing
Among the top-five servicers handling non-agency mortgage-backed securities, JPMorgan Chase was the only servicer to see a drop in volume in the first quarter. (Includes data table.)
Investors
Bank Holdings of Consumer ABS Trend Higher in 1Q
Bank ABS holdings rose in the first quarter thanks to sizable gains in securities backed by consumer and auto loans. TD Bank accounted for much of the increase. (Includes two data tables.)
Originations
Conventional-Conforming Share of Lending Up in 1Q
Conventional-conforming mortgages accounted for 54.3% of originations in the first quarter of 2026. Rocket Mortgage was the top producer of the loans in the quarter. (Includes two data tables.)
Earnings
Nonbanks See Rebound in Mortgage-Banking Income
Most of the overall increase in nonbank mortgage-banking income in the first quarter of 2026 came from Rithm Capital, which saw a big improvement on the servicing side. (Includes data table.)

Inside Mortgage Finance

Correspondent Share Slips in First Quarter of 2026
Officials at Pennymac note that the correspondent channel has been losing some share to the GSEs. (Includes six data tables.)
Next Up for VantageScore 4.0: Smaller Lenders
Following adoption by the 30-largest lenders, VantageScore will focus on making sure technology providers and smaller lenders are prepared to implement its new credit score model.
- Two Harbors Saga Brings Uncertainty to M&A Market
- Two Harbors Acquisition in Jeopardy After Vote Delay
More Inside Mortgage Finance

Inside MBS & ABS

Agency MBS Issuance Down in May as Refinance Falters
June 4, 2026
Agency purchase-mortgage volume was up modestly in May, while refinance activity, especially rate-term transactions, slowed dramatically. Total agency business may see another decline in June. (Includes two data tables.)
GSE MBS Investors Looking for Guidance From Trump
June 4, 2026
GSE MBS investors were frustrated with limited communication from the Trump administration even before FHFA Director Bill Pulte was named acting director of national intelligence this week. The appointment prompted more speculation about the future of the GSEs.
GSE MBS Acquisitions Slower Than Expected
June 4, 2026
Although President Trump directed the GSEs to purchase an additional $200 billion in agency MBS, they do not appear to be on track to accomplish that by year end.
Bank Holding Companies Add to MBS/ABS Portfolios
June 4, 2026
JPMorgan Chase held the largest trading-account portfolio of residential MBS, CMBS and ABS at the end of the first quarter. (Includes two data tables.)

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency Jumbo Lending Drops in First Quarter
June 5, 2026
Originations of non-agency jumbo mortgages declined by 18.2% on a quarterly basis in the first quarter of 2026. (Includes one data table.)
Expanded-Credit MBS Continue to Get Bigger
June 5, 2026
Two of the largest expanded-credit MBS seen thus far in 2026 hit the market recently, with investor demand remaining strong.
Increased Liquidity Boosts Non-Agency Opportunities
June 5, 2026
With more demand than supply, interest rates on DSCR mortgages are converging with agency rates.
Denial Rates on Jumbos Drop Again in 2025
June 5, 2026
The denial rate on jumbo mortgages fell to 12.1% in 2025, down from 13.0% in 2024. (Includes one data table.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Primary MI Volume Falls in 1Q; FHA Boosts Refi Share
May 29, 2026
The volume of loans with primary insurance coverage flowing into agency mortgage-backed securities declined during the first quarter of 2026. FHA refinances in agency MBS issuance were up 8.0%. (Includes two data tables.)
Rocket Mortgage Begins Using VantageScore 4.0
May 29, 2026
A senior executive at the mortgage giant provides a rare glimpse into the how the new credit score impacts lender operations.
Banks’ Servicing Valuations Strengthen in First Quarter
May 29, 2026
Banks and thrifts decreased the amount of mortgage servicing they handle for other entities in the first quarter. Meanwhile, valuations for the servicing asset increased for the third straight quarter. (Includes data table.)
GO Mortgage to Compete in Wholesale Channel Using AI
May 29, 2026
Florida-based GO Mortgage believes its mix of strong technology and personal touch will differentiate the lender from giants in the wholesale channel.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Issuance Down in May as Refis Slump
After a boomlet in April, Ginnie issuance declined a bit in May. Refi volume declined, while issuance involving purchase mortgages ticked up thanks to spring homebuying. (Includes two data tables.)
Cassidy Exits FHA Commissioner Role
Frank Cassidy, who stepped away from his position as FHA commissioner in April on what was originally a temporary leave of absence, announced this week that he’s returning to the private sector.
VA Updates Loss-Mitigation Policies to Add Partial Claim
The Department of Veterans Affairs updated its loss mitigation waterfall to incorporate the partial claim option that’s received much fanfare since its political inception.
Delinquent Loan Removals From Ginnie Increase
The volume of delinquent loans removed from Ginnie Mae mortgage-backed securities increased on a quarterly basis in the first quarter. Overall liquidations declined, with fewer payoffs. (Includes two data tables.)

More Inside FHA/VA Lending

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Inside Mortgage Trends
Primary MI Volume Falls in 1Q; FHA Boosts Refi Share
The volume of loans with primary insurance coverage flowing into agency mortgage-backed securities declined during the first quarter of 2026. FHA refinances in agency MBS issuance were up 8.0%. (Includes two data tables.)
Inside Mortgage Finance
Correspondent Share Slips in First Quarter of 2026
Officials at Pennymac note that the correspondent channel has been losing some share to the GSEs. (Includes six data tables.)
Inside Nonconforming Markets
Non-Agency Jumbo Lending Drops in First Quarter
Originations of non-agency jumbo mortgages declined by 18.2% on a quarterly basis in the first quarter of 2026. (Includes one data table.)
Inside MBS & ABS
Agency MBS Issuance Down in May as Refinance Falters
Agency purchase-mortgage volume was up modestly in May, while refinance activity, especially rate-term transactions, slowed dramatically. Total agency business may see another decline in June. (Includes two data tables.)
Inside the CFPB
CFPB Facing Lawsuit Over Changes to ECOA Standards
The lawsuit filed by consumer advocacy groups contended that the new ECOA rule is a drastic turn from decades of interpretation and enforcement of the statute.
Inside The GSEs
Margins Dip at FHLBanks in First Quarter
Four of the 11 regional Federal Home Loan Banks saw double-digit declines in net income in the first quarter, even though total assets grew for the period. (Includes three data tables.)
Inside FHA/VA Lending
Ginnie Issuance Down in May as Refis Slump
After a boomlet in April, Ginnie issuance declined a bit in May. Refi volume declined, while issuance involving purchase mortgages ticked up thanks to spring homebuying. (Includes two data tables.)

Inside The GSEs

Margins Dip at FHLBanks in First Quarter
Four of the 11 regional Federal Home Loan Banks saw double-digit declines in net income in the first quarter, even though total assets grew for the period. (Includes three data tables.)
FICO, VantageScore Continue Battle
A new Milliman study finds that FICO 10T is more predictive of default risk across the full range of credit scores. VantageScore said the study is full of “statistical swindles.”
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?