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Jumbo Share of Originations Hits 18.1% in 2025
March 13, 2026
Some $295.0 billion of non-agency jumbos were originated in 2025, a nearly 40% increase on an annual basis.
Senate Passes Housing Bill; Outlook Uncertain
March 13, 2026
The MBA is seeking changes to some provisions when the House takes up the bill.
Uncertainty Tied to Iran Conflict Pushes Mortgage Spreads Wider
March 13, 2026
Interest rates on mortgages are back above where they were before President Trump directed the GSEs to buy $200 billion of MBS.
Better’s Losses Increase Slightly in Fourth Quarter
March 13, 2026
Loveen Advani, chief financial officer at Better, projected that the company will hit breakeven status by the third quarter of 2026, when looking at earnings before interest, taxes, depreciation and amortization.

Government-Insured Originations
FHA, VA Refi Endorsements Soar in Fourth Quarter
VA refinance activity more than doubled in the fourth quarter and FHA refi volume was up 55%. United Wholesale Mortgage was the top lender in both government loan programs. (Includes three data tables.)
Portfolios
First-Lien Holdings at Banks Continue to Rise in 4Q
Holdings of first-lien mortgages at commercial banks and savings institutions increased just 0.3% from the end of the third quarter to the fourth. All of the increase was driven by a 14.6% jump in holding of adjustable-rate mortgages. (Includes data table.)
Servicing
Select Portfolio Loses Some Servicing Market Share in 4Q
Select Portfolio Servicing and Newrez/Shellpoint, the top two servicers of non-agency MBS issued during the fourth quarter of 2025, handled nearly 50% of the market. But both lost market share. (Includes data table.)
Agency MBS
Agency Market Phones It In, Rate Refis Slow in February
Secondary-market sales of agency loans followed seasonal patterns last month. Although purchase-mortgage volume saw the biggest decline, the sector still accounted for 55.8% of agency issuance last month. (Includes two data tables.)
Originations
Retail Channel Regains Some Share in 2025
The correspondent share of mortgage originations shrank in 2025, with retail picking up most of the slack. Both channels remained well ahead of the wholesale channel. (Includes six data tables.)
Servicing
Bank Servicing Declines in 4Q, MSR Fair Values Up
Servicing for others by banks declined by 0.6% during the fourth quarter of 2025. Meanwhile, the fair value of MSRs classified as serviced for others increased. (Includes data table.)

Inside Mortgage Finance

Jumbo Share Rises in 2025 With Non-Agency Push
Non-agency jumbo mortgages accounted for 15.4% of total single-family originations in 2025, compared with a 12.7% share in 2024. Meanwhile, agency high-balance activity declined somewhat. (Includes three data tables.)
MBA Critical of Housing Bill Ahead of Vote in Senate
The Senate is set to vote on legislation aimed at addressing housing affordability. MBA had supported earlier versions of the bill in the House and Senate.
- Credit Bureaus Slash Price of VantageScore for Mortgages
- Drop in MSR Value Eats Into Tiptree’s Proceeds From RFC Sale
More Inside Mortgage Finance

Inside MBS & ABS

Bank ABS Holdings Edge Higher in Fourth Quarter
March 12, 2026
The two largest bank ABS investors, TD Bank and Bank of America, accounted for virtually all of the industry’s fourth-quarter growth in non-mortgage ABS. (Includes two data tables.)
Mortgage Spreads Widen With Uncertainty Tied to Iran Conflict
March 12, 2026
Since the U.S. initiated strikes on Iran, mortgage rates and MBS spreads have given up all the ground they gained from the Trump administration’s directive for the GSEs to purchase $200 billion in agency MBS.
REIT MBS Holdings Still Growing as 2025 Closes
March 12, 2026
Most mortgage REITs took advantage of strong MBS fundamentals to increase their agency holdings in the fourth quarter. While some REITs are drawn to the surging non-QM sector, industry holdings of non-agency MBS fell last year. (Includes two data tables.)
FASB to Propose Hedging of Held-to-Maturity Portfolios
March 12, 2026
The potential rule change would allow banks to redesignate MBS holdings from held-to-maturity to available-for-sale.

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency Jumbo Lending Flourished in 2025
March 13, 2026
Non-agency jumbo mortgages gained market share with production up nearly 40% on an annual basis in 2025. All but one of the top 10 non-agency jumbo lenders reported year-on-year increases. (Includes data table.)
Non-Agency Interest Rates Rise Amid Volatility Due to Iran War
March 13, 2026
Market volatility and oil price shocks tied to the conflict in the Middle East are driving up interest rates on non-agency mortgages.
Newfi Lending Open to Acquisitions, Partnerships
March 13, 2026
After rapid growth in 2025, Newfi Lending is looking to acquire lenders and establish partnerships.
Jumbo Servicing Volume Grows in Fourth Quarter
March 13, 2026
The volume of jumbo mortgages handled by 30 major servicers inched up 1.3% between the end of third quarter of 2025 and yearend. Compared with the end of 2024, servicing volume was up 2.4%. (Includes data table.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Nonbank Earnings Slip in 4Q25, Fail to Match 2024
March 6, 2026
Most nonbanks reported bigger gains in lending volume in the fourth quarter of 2025 than in production income. MSR valuations continued to drive servicing income lower. (Includes data table.)
Newrez Margins, Originations Increase in Fourth Quarter
March 6, 2026
The lender’s gain-on-sale margin increased from 1.14% in the third quarter to 1.50% in the fourth quarter, with a rise in originations to boot. Leaders at the company cautioned that some lenders are gaining market share at the expense of earnings.
Servicers Raise Concerns Over Rising Insurance Costs, Taxes
March 6, 2026
Servicers are concerned that unanticipated payment shocks tied to insurance and taxes may lead to an increase in delinquencies.
Mortgage Repurchases by Banks Decline in 4Q
March 6, 2026
Repurchase and indemnification activity at banks and thrifts declined by 10.9% from the third to the fourth quarter of 2025. Though for the full year, repurchases increased by 4.8% compared with 2024. (Includes data table.)

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie MBS Issuance Sees Seasonal Plunge in February
Issuers of Ginnie Mae securities took it easy in February, producing just $38.07 billion of MBS, off 24.6% from the previous month. Purchase mortgage and refi volumes declined at similar paces. (Includes two data tables.)
Servicers Seek More Time to Implement VA Partial Claims
The Mortgage Bankers Association and Community Home Lenders of America urged the Department of Veterans Affairs to allow for at least 180 days to implement a new partial claim program.
MBA Calls for Changes to FHA Multifamily Loan Limits
The Mortgage Bankers Association withheld its support for housing legislation ahead of a vote this week in the Senate, seeking changes to FHA and VA provisions. The Senate passed the bill without further amendments.
Servicers Face Higher Costs Amid Rising Delinquencies
The costs of servicing nonperforming FHA loans were high enough for Mortgage Center, a Michigan-based credit union service organization, to change its strategy.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Nonbank Earnings Slip in 4Q25, Fail to Match 2024
Most nonbanks reported bigger gains in lending volume in the fourth quarter of 2025 than in production income. MSR valuations continued to drive servicing income lower. (Includes data table.)
Inside Mortgage Finance
Jumbo Share Rises in 2025 With Non-Agency Push
Non-agency jumbo mortgages accounted for 15.4% of total single-family originations in 2025, compared with a 12.7% share in 2024. Meanwhile, agency high-balance activity declined somewhat. (Includes three data tables.)
Inside Nonconforming Markets
Non-Agency Jumbo Lending Flourished in 2025
Non-agency jumbo mortgages gained market share with production up nearly 40% on an annual basis in 2025. All but one of the top 10 non-agency jumbo lenders reported year-on-year increases. (Includes data table.)
Inside MBS & ABS
Bank ABS Holdings Edge Higher in Fourth Quarter
The two largest bank ABS investors, TD Bank and Bank of America, accounted for virtually all of the industry’s fourth-quarter growth in non-mortgage ABS. (Includes two data tables.)
Inside the CFPB
Injunction Barring CFPB Terminations May be Revised
Industry attorneys said it looks like the full DC Circuit will send the National Treasury Employees Union lawsuit against the CFPB back to the district court, mandating a revision of the preliminary injunction.
Inside The GSEs
GSE Deliveries Fall 11.4% in February
Three of the top-five GSE issuers posted declines in volume last month. Meanwhile, Fannie’s share of total residential MBS issuance fell to a decade-plus low of 24.0% in the fourth quarter of 2025. (Includes two data tables.)
Inside FHA/VA Lending
Ginnie MBS Issuance Sees Seasonal Plunge in February
Issuers of Ginnie Mae securities took it easy in February, producing just $38.07 billion of MBS, off 24.6% from the previous month. Purchase mortgage and refi volumes declined at similar paces. (Includes two data tables.)

Inside The GSEs

GSE Deliveries Fall 11.4% in February
Three of the top-five GSE issuers posted declines in volume last month. Meanwhile, Fannie’s share of total residential MBS issuance fell to a decade-plus low of 24.0% in the fourth quarter of 2025. (Includes two data tables.)
FHFA Tightens Payment Process for Legal Services
An OIG audit of legal services payments at FHFA found that the agency spent $15.6 million on outside counsel over the 12 months ending March 2025. FHFA will follow recommendations from the OIG to improve practices involving legal services.
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?