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GSEs, FHA Moving Forward With New Credit Scores
April 23, 2026
The GSEs will accept VantageScore 4.0 on a pilot basis. FHA will follow at a later date, along with plans for the GSEs and FHA to allow for use of FICO 10T.
Delinquency Recovery Less Robust in First Quarter of 2026
April 23, 2026
The main difference in 2026 was that later-stage delinquencies increased.
Fannie Economists Revise Rate Forecast Sharply Higher
April 23, 2026
Now, the economists project that the average interest rate for a 30-year fixed-rate mortgage will decline to only 6.1% in the fourth quarter.
Mortgage Complaints to CFPB Increase in First Quarter
April 23, 2026
Increases were recorded across all four complaint categories, covering both servicing and originations.

Issuance
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.)
Servicing
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.)
Originations
Largest Lenders, Nonbanks Grab More Lending Share
The five largest lenders accounted for 21.5% of originations in 2025. Nonbanks produced 65.6% of all residential mortgages. (Includes two data tables.)
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.)

Inside Mortgage Finance

Private MI Share Increases on GSE Purchase-Mortgage Business
GSE purchase-mortgage volume with private MI held up a little better on a quarterly basis than GSE business without private MI in the first quarter of 2026. (Includes three data tables.)
VantageScore 4.0 Is a Go at the GSEs, FHA to Follow
FHFA Director Bill Pulte said 21 large lenders will roll out the new score with the GSEs, though all lenders are eligible. FHA also plans to accept VantageScore and FICO 10T.
- CFPB Issues Final Rule Rejecting Disparate-Impact Liability
- MBA Wants CFPB to Include Trump EO in Strategic Plan
More Inside Mortgage Finance

Inside MBS & ABS

Cars, Data Centers Drive 1Q26 ABS Issuance Surge
April 23, 2026
Total ABS issuance reached its second-highest quarterly total in the first three months of 2026. Securitization of auto loans and data-center revenue were key factors. (Includes three data tables.)
Agency MBS Investors Looking Past Iran Volatility
April 23, 2026
The value of agency MBS declined sharply following the start of the war with Iran. More recently, volatility has declined, prompting some major agency MBS investors to see continued promise in the assets.
More GSE-Eligible Loans Going Into Non-Agency MBS
April 23, 2026
Issuers are increasingly delivering GSE-eligible owner-occupied mortgages to non-agency MBS in a bid to diversify liquidity.
GSEs Seen as Opportunistic Buyers of Agency MBS
April 23, 2026
Fannie Mae and Freddie Mac appear to be buying more MBS at times when spreads widen. They’re also hedging the purchases with interest rate swaps, according to industry participants.

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

Premium Newsletter Content

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
Private MI Share Increases on GSE Purchase-Mortgage Business
GSE purchase-mortgage volume with private MI held up a little better on a quarterly basis than GSE business without private MI in the first quarter of 2026. (Includes three 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
Cars, Data Centers Drive 1Q26 ABS Issuance Surge
Total ABS issuance reached its second-highest quarterly total in the first three months of 2026. Securitization of auto loans and data-center revenue were key factors. (Includes three data tables.)
Inside the CFPB
NTEU Urges Court to Deny Rushed Review of CFPB RIF Plan
The National Treasury Employees Union said the DC District Court should take up the review of the Trump administration’s revised layoff plan for the CFPB. However, the union said it opposes the administration’s 45-day timeline for the review.
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?