The retail segment, with a market share of 42.7%, maintained a narrow lead ahead of correspondents in the second quarter.

The retail channel lost some market share in agency securitizations but maintained a narrow lead over the correspondent channel in the second quarter of 2025. Credit quality weakened while the average loan size reached a new peak. (Includes two data tables.)

Correspondent aggregators increased their agency origination footprint in the first quarter of 2025, even as securitization volume fell by 22.6%. Purchase mortgages still dominated the market while credit quality remained stable. (Includes two data tables.)

Wholesale-broker originators boosted their market share in conventional-conforming mortgages in the fourth quarter. Correspondents regained some previously lost ground in FHA/VA lending while retail remained king of the nonconforming segment. (Includes two data tables.)

Correspondent production made up 46.1% of the group’s government-insured volume in the fourth quarter.

In the fourth quarter of 2024, correspondent aggregators regained FHA/VA market share previously lost to wholesale-brokers.

FHA activity fell 16.8% while VA production was down 15.1% from January.

The Ginnie Mae market continued to retreat in February. Most securitizers lost volume and PennyMac retained its top spot despite a 29.4% decline in issuance volume. (Includes two data tables.)

The top five VA lenders in 2024: Veterans United Home Loans, UWM, Rocket, Freedom and Navy Federal.

Refinance mortgages, especially streamlined refis, came roaring back, lifting 2024 VA lending volume by a sharp 28.5%. FHA volume is estimated to have risen 14.3%. (Includes two data tables.)