Reset and refinance deals accounted for nearly 60% of last year’s bumper crop of CLOs that totaled more than $607 billion. (Includes two data tables.)

Production of first-lien residential mortgages increased by 17.3% during the fourth quarter of 2025. Refinances soared while purchase-mortgage activity declined as part of a seasonal trend. (Includes two data tables.)

Market share of the top-five GSE servicers jumped from 35.1% in the third quarter of 2025 to 40.4% in the fourth. (Includes two data tables.)

Setting aside Rocket Mortgage’s acquisition of Mr. Cooper Group, bulk MSR sales increased during the fourth quarter, including $58.25 billion of acquisitions by CrossCountry Mortgage. (Includes three data tables.)

Car manufacturers accounted for about half of the record $165 billion of vehicle ABS issued last year. The share of nonprime loans to car buyers was up slightly from 2024. (Includes three data tables.)

For both purchase mortgages and refis, GSE activity with private MI posted stronger performance than FHA in the fourth quarter of 2025. For the full year, trends differed, at least with purchase mortgages. (Includes three data tables.)

Ginnie Mae issuance of mortgage-backed securities backed by refinance loans zoomed in the fourth quarter to highs not seen since the pandemic boom. (Includes four data tables.)

Issuance of expanded-credit MBS increased by nearly 80% on an annual basis in 2025 to $75.91 billion. Prime non-agency MBS issuance was up nearly 40% to $45.19 billion. (Includes data table.)

Last year’s issuance of expanded-credit MBS and home-equity securitizations reached their highest levels since 2007. Total non-agency MBS production was up 40% from 2024. (Includes three data files.)

The fastest-growing sector of the agency servicing market was the cohort with coupons of 5% to 6%, which was up 11.8% in the fourth quarter. MSR with rates above 6% surged to $2 trillion. (Includes two data tables.)