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Large Sequential Gains for Origination Bellwethers JPM and Wells
July 15, 2025
KBW noted the GOS margin at Wells fell sharply to 45 bp in 2Q25, down 45 bp quarter over quarter...
RMBS Issuance Escalates in 2Q, CMBS & ABS Falls
July 15, 2025
ABS issuance fell in some sectors during the second reporting period of the year.
Student Loan Repayment Changes May Affect FHA Borrowers
July 15, 2025
Two new repayment plan structures for student loans disbursed on or after July 1, 2026, were included within the tax and spending bill.
Trigger Lead Ban Close to the Finish Line
July 15, 2025
A ban on mortgage trigger leads looks to be getting closer to being signed into law.

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.)
Ratings
Fitch Leads in Rating 1Q25 ABS, Kroll Tops in RMBS
The boom in ABS backed by vehicle and business finance mostly helped the big-three rating services, but Kroll and Morningstar remained major players in rating non-agency MBS. (Includes two data tables.)
Issuance
Securitization Rate Increasing for Residential Mortgages
A growing share of residential mortgages originated during the first quarter of 2025 flowed into MBS. Some of the shift looks to be tied to a decline in demand for mortgages at banks. (Includes data table.)
Originations
Home Equity Loan Originations Steady in First Quarter
Originations of new HELOC commitments and closed-end second liens ticked up by 2.1% in the first quarter of 2025 compared with the previous quarter. Bank of America lost its spot as the top HEL lender. (Includes three data tables.)
Channels
Retail Share of Originations Slips Across Loan Types
The retail channel lost market share in conventional-conforming, government-insured and nonconforming originations in the first quarter of 2025. (Includes two data tables.)

Inside Mortgage Finance

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.)
FHFA OKs VantageScore for Immediate Use by GSEs
FHFA said lenders can now use VantageScore 4.0 when underwriting GSE loans. It’s not clear, though, if the mortgage industry is ready to take advantage of the opportunity.
- Mortgage Industry Cheers Tax Breaks in Megabill
- VA Home Loan Division Short-Staffed and Under-Trained
More Inside Mortgage Finance

Inside MBS & ABS

RMBS Issuance Surges in 2Q25, CMBS & ABS Down
July 10, 2025
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.)
The Trump Tax Bill and the Fear of Higher Rates
July 10, 2025
Will the One Big Beautiful Bill Act cause federal deficits to grow and rates to spike? The simple answer seems to be yes, but so far the yield on the 10-year note hasn’t moved much.
PennyMac’s Shift to Non-Agency MBS Prompted by CRT Runoff
July 10, 2025
PennyMac Mortgage Investment Trust started issuing non-agency MBS in November as part of an effort to boost its investments in credit-sensitive assets. The REIT is now one of the most active players in the space.
End of Conservatorship Hinges on Senior Preferred Shares
July 10, 2025
There’s no consensus on how the Trump administration’s effort to end the conservatorship of the GSEs should address senior preferred shares in Fannie and Freddie.

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

Purchase-Mortgage Volume Strong at FHA, VA in 2Q
July 3, 2025
FHA and VA purchase-mortgage volume increased by nearly 30% in the second quarter of 2025 compared with the previous quarter. GSE mortgages with private MI and agency purchase mortgages without primary MI lagged behind. (Includes two data tables.)
Pulte Order Adds Crypto to the Mortgage Equation
July 3, 2025
The FHFA director last week directed Fannie Mae and Freddie Mac to figure out how to use cryptocurrency in the mortgage underwriting process.
GSE Purchase Mortgages Shift to Higher Scores in 2Q
July 3, 2025
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.)
Mortgage Tech Platform Pauses as Investors Bail
July 3, 2025
RealKey, an automated loan processing platform, paused operations at the end of May. The startup’s CEO said the investment community has shied away from the mortgage tech space.

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

Premium Newsletter Content

Inside Mortgage Trends
Purchase-Mortgage Volume Strong at FHA, VA in 2Q
FHA and VA purchase-mortgage volume increased by nearly 30% in the second quarter of 2025 compared with the previous quarter. GSE mortgages with private MI and agency purchase mortgages without primary MI lagged behind. (Includes two data tables.)
Inside Mortgage Finance
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.)
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
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.)
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
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.)
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

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.)
Pulte Declares War on Fed Chair Powell
The FHFA director’s social media posts echo President Trump’s criticism of the chair of the Federal Reserve for not lowering rates quickly enough.
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?