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Pulte Orders VS4 Rollout, Considers Bi-Merge for GSEs
September 4, 2026
FHFA Director Bill Pulte cited massive price hikes on FICO scores in recent years as the reason for making VS4 widely available through the GSEs.
Castlelake and Redwood Bring First Joint Jumbo MBS
September 4, 2026
The deal is being issued with Redwood’s Sequoia shelf name and continues the numbering convention seen with prior issuance from Redwood.
Pending Inflation Reading Key for Rates With Jobs Market Resilient
September 4, 2026
“Market sentiment was leaning toward a rate hike at the next Fed meeting, but this could give the Fed pause in hiking rates as they look to convene this month,” said Cody Echols, a capital markets technology advisor at Mortgage Capital Trading.
Bank Holdings of Residential MBS Tick Up in 2Q
September 4, 2026
Some of the largest bank investors in MBS reduced their holdings of agency MBS during the second quarter.

Inside FHA/VA Lending
Slowing Refis Drag on Ginnie Issuance in July
Issuance of Ginnie Mae mortgage-backed securities eased in July as securitizations of refinances dropped. (Includes two data tables.)
Servicing
Chase Non-Agency RMBS Servicing Rebounds in 2Q
JPMorgan Chase was the only servicer among the top five that handled new servicing on non-agency mortgage-backed securities to post a quarterly increase during the second quarter. (Includes data table.)
Ratings
Fitch Retains Top Ranking in MBS & ABS Ratings in 2Q
Morningstar DBRS and Moody’s gained share in non-agency MBS ratings in the second quarter, while S&P made up ground in the ABS market. Fitch, however, remained the top rating service in both sectors. (Includes two data charts.)
Originations
Refis Trail Off in 2Q, Purchase Lending Slightly Ahead of 2025
Refi volume declined by 32.7% from the first quarter to the second but nearly doubled year to date. Meanwhile, purchase-mortgage originations increased by just 4.7% year to date. (Includes five data tables.)
Earnings
GSEs Deliver Consistent Profits; No Closer to Solvency
Combined net interest income at the GSEs has averaged $12.94 billion per quarter over the past year. And since the beginning of 2022, combined net income hasn’t dipped below $11.29 billion. (Includes data table.)
Earnings
Bank Mortgage Earnings Tick Up in Second Quarter
A group of 26 banks increased their mortgage earnings by 3.8% on a quarterly basis during the second quarter. Six months into the year, earnings were down 1.0% compared with the first half of 2025, with interest rates weighing on production. (Includes two data tables.)

Inside Mortgage Finance

All Products Gained in 2Q But Agency Market Lagged
The conventional-conforming sector lagged in an otherwise upbeat mortgage market. (Includes two data files.)
Economists Trim Estimates for Mortgage Originations
Market uncertainty and rising costs have led some economists to revise their origination forecast for the rest of this year and into 2027.
- Several Senior Fannie Executives Let Go
- Private Mortgage Insurers Ready for VantageScore 4.0
More Inside Mortgage Finance

Inside MBS & ABS

Second-Level Agency MBS Rises in 2Q, CMOs Down
August 27, 2026
Freddie saw a big increase in Supers issuance in the second quarter, while Fannie production was flat. Fannie, however, was the only agency with an increase in REMIC/CMO production. (Includes two data tables.)
Banks See Modest Increase in MBS Holdings, Ginnie Gains
August 27, 2026
Most of the increase in banks’ MBS investment was in Ginnie Mae pass-throughs, which grew a modest 1.5% from the first quarter. Holdings of non-agency securities declined. (Includes two data tables.)
Ginnie Continues Effort Toward Loan-Level Operations
August 27, 2026
The agency is working on a project to track issuers’ final certifications as the latest stage of its loan-level transformation initiative.
NAIC Proposes New ABS Bond Qualifications
August 27, 2026
The proposal would add two new provisions regarding ABS qualification under the NAIC’s principles-based bond definition.

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency Jumbo Lending Increases in Second Quarter
August 28, 2026
Non-agency jumbo mortgage production increased by 25.0% on a quarterly basis in the second quarter to an estimated $90.00 billion. (Includes data table.)
Changes to GSE Condo Rules Could Boost Non-QM Market
August 28, 2026
With stricter condo lending requirements at the government-sponsored enterprises, more projects may be considered non-warrantable, pushing more business to the non-agency side of the market.
Velocity to Acquire Toorak’s Operating Platform
August 28, 2026
The $3.2 billion all-cash transaction is expected to close in the fourth quarter.
Jumbo Servicing Volume Increases in Second Quarter
August 28, 2026
The volume of jumbo mortgages handled by 30 major servicers increased by 1.1% from the end of March to the end of June. (Includes data table.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Banks’ Mortgage Income Down in First Half
September 4, 2026
Mortgage-banking income declined by 6.1% on an annual basis in the first half of the year. At Chase, the largest bank in the mortgage market, a drop in servicing revenue more than offset an increase in production revenue. (Includes one data table.)
Mortgage Companies Grappling With AI Governance
September 4, 2026
GSE officials suggested that a robust governance framework can help firms responsibly scale use of AI. Industry participants are also facing increasing risks from the technology.
Mortgage Repurchases by Banks Increase in 2Q
September 4, 2026
Repurchases and indemnifications by banks and thrifts increased by 16.5% from the first quarter to the second. Repurchase reserves declined by 3.9% during that time. (Includes one data table.)
Lenders Using AI to Help Buyers 24/7
September 4, 2026
Lenders are turning to artificial intelligence to reach borrowers even when loan officers are off the clock.

More Inside Mortgage Trends

Inside FHA/VA Lending

FHA, VA Production Strong Even as Refis Decline in 2Q
Refinances of loans insured by the Department of Veterans Affairs declined in the second quarter, according to an Inside FHA/VA Lending analysis and ranking of endorsement data. (Includes three data tables.)
FHA Mortgage Insurance Premium Cut Chatter Perks Up
Sources say chatter of a potential reduction to FHA’s mortgage insurance premium has been circulating around Washington, DC.
Ginnie Cautiously Exploring AI Use Cases
Ginnie Mae is using its internal framework to evaluate potential use cases for AI, to avoid feeding data into a public model, according to its president, Joe Gormley.
MBA Defends FHA Program, Nonbanks
The Mortgage Bankers Association fired back in defense of the FHA program and nonbank participants after an opinion piece in the Wall Street Journal suggested nonbanks engaged in risky underwriting under the government guarantee.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Banks’ Mortgage Income Down in First Half
Mortgage-banking income declined by 6.1% on an annual basis in the first half of the year. At Chase, the largest bank in the mortgage market, a drop in servicing revenue more than offset an increase in production revenue. (Includes one data table.)
Inside Mortgage Finance
All Products Gained in 2Q But Agency Market Lagged
The conventional-conforming sector lagged in an otherwise upbeat mortgage market. (Includes two data files.)
Inside Nonconforming Markets
Non-Agency Jumbo Lending Increases in Second Quarter
Non-agency jumbo mortgage production increased by 25.0% on a quarterly basis in the second quarter to an estimated $90.00 billion. (Includes data table.)
Inside MBS & ABS
Second-Level Agency MBS Rises in 2Q, CMOs Down
Freddie saw a big increase in Supers issuance in the second quarter, while Fannie production was flat. Fannie, however, was the only agency with an increase in REMIC/CMO production. (Includes two data tables.)
Inside the CFPB
Johnson’s Past Remarks Offer Insight on His Priorities for CFPB
Brian Johnson, CFPB director nominee, over the years has criticized the CFPB’s enforcement of RESPA, among other issues.
Inside The GSEs
Big Bank Borrowing Boosts FHLBank Profits in 2Q
An increase in outstanding advances in the second quarter helped offset lower margins at the FHLBanks. (Includes three data tables.)
Inside FHA/VA Lending
FHA, VA Production Strong Even as Refis Decline in 2Q
Refinances of loans insured by the Department of Veterans Affairs declined in the second quarter, according to an Inside FHA/VA Lending analysis and ranking of endorsement data. (Includes three data tables.)

Inside The GSEs

Big Bank Borrowing Boosts FHLBank Profits in 2Q
An increase in outstanding advances in the second quarter helped offset lower margins at the FHLBanks. (Includes three data tables.)
Pulte Opens VantageScore to All Lenders
Frustrated with FICO and the big three credit reporting bureaus, the FHFA director abruptly ushered in the era of two competing credit scores.
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?