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Consumers Allege loanDepot Pushed Employees to Write Higher-Interest Loans
July 18, 2025
Consumers are suing loanDepot over allegations it used illegal compensation structures to encourage LOs to push higher interest-rate loans.
Agency Jumbos Ricochet in 2Q
July 18, 2025
Conforming-jumbo loan issuance spiked in the second quarter after a weak start to the year.
Republicans Target Dodd-Frank Reforms
July 18, 2025
Republicans are looking to loosen the Consumer Financial Protection Bureau's regulatory grip.
Trepidation Surrounds Uncertain Nature of Conservatorship End
July 18, 2025
Mortgage market stakeholders are uncertain how an end to the conservatorships of Fannie Mae and Freddie Mac would play out.

Agency MBS
Large Nonbanks Increase Share in GSE Market
The only banks among the top 10 GSE sellers in the first half of 2025 were Chase Home Finance and AmeriHome Mortgage. (Includes two data tables.)
Characteristics
GSE Purchase Mortgages Shift to Higher Scores in 2Q
The share of GSE purchase mortgages with credit scores of at least 740 increased from 73.8% in the first quarter of 2025 to 74.6% in the second quarter. A similar trend was seen in GSE refi business. (Includes two data tables.)
Issuance
RMBS Issuance Surges in 2Q25, CMBS & ABS Down
Agency single-family MBS issuance was up solidly in the second quarter, but it remains to be seen whether the market can match the pace set over the last six months of 2024. Commercial MBS and ABS issuance faltered in the second quarter. (Includes three data tables.)
MBS
Agency Single-Family Market Up in 2Q25, Buoyed by Refis
Credit trends remained strong as heavy refinancing activity helped boost agency business in the second quarter of 2025. The top sellers with significant TPO platforms continued to gain market share. (Includes two data tables.)
VA
VA Originations Down in 1Q as Refi Activity Falls Hard
Refi activity in the VA market cooled during the first quarter of 2025 and purchase-mortgage volume was also down. (Includes two data tables.)
Government-Insured Originations
Correspondent Channel Gains Share in Government Market
The volume of government-insured loans originated through the correspondent channel increased 10.6% on a quarterly basis in the first quarter, while retail and broker originations shrank. (Includes data table.)

Inside Mortgage Finance

Agency Servicing Shifts to Nonbanks, Higher Coupons
Lakeview Loan Servicing remained the top agency servicer at midyear, including the largest portfolio of high-coupon MSR. Nonbanks continued to gain market share, as did Ginnie Mae. (Includes two data tables.)
Mortgage Bellwethers Report Lending Gains in 2Q, But GOS Down
Some of the mortgage bellwethers began reporting second-quarter results this week. The good news is that loan production increased nicely from the first quarter.
- HUD Appropriations Bill Far Exceeds Trump’s Budget Ask
- Renters to Benefit From GSE Acceptance of VantageScore
More Inside Mortgage Finance

Inside MBS & ABS

Non-Agency MBS Issuance Rising on Growth in ECM
July 17, 2025
Expanded-credit MBS issuance was up 25.4% from the first to the second quarter, while prime MBS saw a solid 12.6% gain. JPMorgan Chase ranked as the top issuer and underwriter of non-agency MBS. (Includes three data sets.)
Fed Governor Waller Hints at MBS Sales by Central Bank
July 17, 2025
Federal Reserve Governor Christopher Waller said the central bank’s balance sheet hasn’t grown as much as people think, but that MBS sales might be needed to balance the duration of assets and liabilities.
VantageScore Move Raises Questions for MBS Investors
July 17, 2025
It may take time for MBS investors to fully understand how use of the new credit score for underwriting loans sold to the GSEs impacts pricing and hedge strategies.
MBS Trades Hit Annual Low
July 17, 2025
If there’s any good news on the agency MBS front it’s that new issuance volume increased from the first quarter to the second. Then again, it was driven by seasonality.

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency MBS Issuance Up in Second Quarter
July 11, 2025
Issuance of non-agency mortgage-backed securities reached $29.56 billion in the second quarter, up 17.3% from the previous quarter. (Includes data tables.)
Non-Agency Market Waiting on Crypto Move by GSEs
July 11, 2025
The GSEs look to follow in the footsteps of a handful of non-agency lenders by considering cryptocurrency holdings when underwriting mortgage borrowers. The impact on the mortgage market remains unclear.
AGMIT Retaining Risk on Figure Securitization
July 11, 2025
Figure Lending issued a securitization of home equity lines of credit this week with AG Mortgage Investment Trust acting as the retaining sponsor, a once uncommon practice in the non-agency market that’s gaining traction.
GSE Conforming Jumbo Business Bounces Back in 2Q
July 11, 2025
Securitization of conforming jumbo mortgages by the government-sponsored enterprises increased during the second quarter of 2025 after a slowdown in the previous quarter. (Includes data table.)

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Agency MSR Transfers Slow as High-Coupon Sales Drop
July 18, 2025
Bulk transfers of agency MSR declined in the second quarter, partly due to reduced demand for higher-coupon portfolios. While coissuance volume was up, it failed to match the gains in agency securitization of lightly seasoned mortgages. (Includes three data tables.)
Agency MBS Delinquency Rates Rise in Second Quarter
July 18, 2025
While early-payment delinquency rates showed increases, the rate for loans 120 days or more late declined. Across all three agencies, overall 3.32% of mortgages were past due. (Includes data table.)
Sagging Home Prices Threaten Some Mortgage Markets
July 18, 2025
Declining equity and surging escrow payments may be a precursor to market stress in some parts of the country, analysts say.
CSBS Details Updates to NMLS Starting This Fall
July 18, 2025
The changes to the Nationwide Multistate Licensing System include modernized updates to the individual state license application process.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Issuance Continues to Ride Temporary Refi Wave
Refinances were the key reason that Ginnie MBS issuance saw sharper-than-usual increases in the second quarter of 2025. Issuance was up 30.7% from the first quarter, including a nearly 50% increase in VA refi volume. (Includes four data tables.)
Lenders Welcome Changes to FHA Appraisal, Underwriting Rules
The mortgage industry expects deregulatory moves by FHA will speed up and lower costs associated with the loan origination process.
Advocates Stress Vets Need More than Partial Claims
Industry and veteran organizations said pending legislation that would authorize the Department of Veterans Affairs to create a partial claims program isn’t enough to close VA’s gap with other government-backed programs.
FHA Softens Floodplain Standards for New Construction
FHA eliminated restrictions placed on new construction in flood hazard areas and pulled back additional inspection requirements for properties in disaster areas.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Agency MSR Transfers Slow as High-Coupon Sales Drop
Bulk transfers of agency MSR declined in the second quarter, partly due to reduced demand for higher-coupon portfolios. While coissuance volume was up, it failed to match the gains in agency securitization of lightly seasoned mortgages. (Includes three data tables.)
Inside Mortgage Finance
Agency Servicing Shifts to Nonbanks, Higher Coupons
Lakeview Loan Servicing remained the top agency servicer at midyear, including the largest portfolio of high-coupon MSR. Nonbanks continued to gain market share, as did Ginnie Mae. (Includes two data tables.)
Inside Nonconforming Markets
Non-Agency MBS Issuance Up in Second Quarter
Issuance of non-agency mortgage-backed securities reached $29.56 billion in the second quarter, up 17.3% from the previous quarter. (Includes data tables.)
Inside MBS & ABS
Non-Agency MBS Issuance Rising on Growth in ECM
Expanded-credit MBS issuance was up 25.4% from the first to the second quarter, while prime MBS saw a solid 12.6% gain. JPMorgan Chase ranked as the top issuer and underwriter of non-agency MBS. (Includes three data sets.)
Inside the CFPB
Trump Signs Bill Cutting CFPB’s Funding Mechanism
After a setback, Senate Republicans successfully approved a measure to cut the CFPB’s funding.
Inside The GSEs
Nonbank GSE Servicers’ Market Share Flat in 2Q
Although total GSE servicing remained almost unchanged as of the end of the second quarter, some large servicers — mostly nonbanks — experienced disproportionate year-over-year gains in volume. (Includes two data tables.)
Inside FHA/VA Lending
Ginnie Issuance Continues to Ride Temporary Refi Wave
Refinances were the key reason that Ginnie MBS issuance saw sharper-than-usual increases in the second quarter of 2025. Issuance was up 30.7% from the first quarter, including a nearly 50% increase in VA refi volume. (Includes four data tables.)

Inside The GSEs

Nonbank GSE Servicers’ Market Share Flat in 2Q
Although total GSE servicing remained almost unchanged as of the end of the second quarter, some large servicers — mostly nonbanks — experienced disproportionate year-over-year gains in volume. (Includes two data tables.)
FICO White Paper Disputes VantageScore Claims
Just one week after VantageScore 4.0 credit score was allowed for underwriting GSE-eligible loans, competitor FICO released data appearing to show that FICO 10 T has superior predictive capabilities.
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?