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Servicing Share for Rocket, Chase Down in Second Quarter
August 7, 2026
Overall residential servicing outstanding inched up by 0.8% during the second quarter.
Income Declines at Rocket After Slow Spring Homebuying Season
August 7, 2026
Profits declined by 22.8% from the first to the second quarter.
MBS Investors Call for Changes With GSEs’ Credit Score Framework
August 7, 2026
“Agency MBS investors continue to express a desire for additional loan-level data,” SFA wrote to FHFA regarding disclosures of credit scores used for originating mortgages.
Weak Jobs Report Could Delay Rate Hike by Fed
August 7, 2026
The July employment data might provide “a little breathing room” for the Fed as it considers its next policy move, according to Joel Kan, a vice president and deputy chief economist at the Mortgage Bankers Association.

Servicing
Largest Servicers Lose Ground in Second Quarter
Outstanding GSE servicing at Rocket Mortgage fell 2.1% from the first quarter, but its holdings still surpassed Chase, the second largest GSE servicer, by more than $322 billion. (Includes two data tables.)
Servicing
MSR Transfers Increase in 2Q, UWM’s Sales Spike
Bulk sales of agency MSRs were up 30.8% on an annual basis in the first half of 2026. United Wholesale Mortgage accounted for nearly 30% of all bulk sale volume in the second quarter. (Includes three data tables.)
CLO/CDO
Reset Activity Drives 2Q26 Boost in CLO/CDO Issuance
Blackstone ranked as the top sponsor of CLO and CDO issued in the first six months of 2026, although Benefit Street Partners and Elmwood Asset Management both had bigger second quarters. (Includes two data files.)
Originations
Originations Increase in 2Q Amid Headwinds From Rates
The industry originated an estimated $570.00 billion of first-lien mortgages during the second quarter of 2026, thanks to a resilient purchase-mortgage market. (Includes two data tables.)
Expanded Credit
Expanded-Credit MBS Issuance Declines in 2Q
Issuance of expanded-credit mortgages declined by 4.8% on a quarterly basis in the second quarter, with purchase-mortgage volume down. (Includes three data charts.)
Government-Insured Servicing
Top Ginnie Servicers See Modest Growth in 2Q
Ginnie Mae single-family servicing outstanding increased modestly during the second quarter, but individual servicers’ portfolios saw big movements. (Includes four data tables.)

Inside Mortgage Finance

Rocket, Chase Give Up Some Servicing Share in 2Q
Rocket was one of the largest sellers of agency mortgage servicing rights during the second quarter and the only nonbank to post a decline in owned servicing among the top-10 firms. Chase’s decline in owned servicing looks to be tied to portfolio runoff. (Includes three data tables.)
Credit Score Shopping Likely With GSEs
Urban Institute researchers believe credit score gaming by lenders will raise scores for 44% of borrowers. Officials at FICO claim shopping appears to be occurring now that the GSEs accept VantageScore.
- UWM Turns to Oaktree for Capital, Suspends Dividend
- OCC, FDIC Issue CRA Proposal; Fed Stays Out
More Inside Mortgage Finance

Inside MBS & ABS

Agency MBS Issuance Sags in July as Refi Market Fades
August 6, 2026
At the end of July, the agency purchase-mortgage market was just barely ahead of the pace for the first seven months of 2025, but refinance business has doubled. (Includes two data tables.)
MBS Investors Recommend Tweaks to Credit Score Framework
August 6, 2026
The Structured Finance Association says the GSEs should be able to accept multiple credit scores on a single application and disclose that information to MBS investors.
GSEs Shrink MBS Share in Their Portfolios
August 6, 2026
The strategies Fannie Mae and Freddie Mac use to manage their retained mortgage portfolios appeared to converge in the second quarter. (Includes data table.)
VA Payoffs Suggest Strong Refi Activity
August 6, 2026
VA loans have notoriously high prepay rates compared to FHA loans, in part because of VA’s generous refinance program.

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Inside Nonconforming Markets

Prime Non-Agency MBS Issuance Drops in 2Q
July 31, 2026
Issuance of prime non-agency mortgage-backed securities cooled off somewhat in the second quarter of 2026, but remained elevated on an annual basis. (Includes three data tables.)
Annaly’s Non-Agency Momentum Continues in 2Q
July 31, 2026
Annaly Capital Management nearly tripled its profit from the first to the second quarter as it leaned into its residential credit business.
Redwood 2Q Loss Narrows; Aspire’s Lock Volume Up
July 31, 2026
Redwood Trust posted another quarter of losses in the second quarter tied to its efforts to wind down legacy assets, including multifamily bridge loans investments.
Pennymac REIT Shifts Focus of Correspondent Production
July 31, 2026
Pennymac Mortgage Investment Trust has seen success in its private-label securitization program causing it to stop acquiring agency-eligible, conventional-conforming loans through correspondent production.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Bank Mortgage Earnings Tick Up in Second Quarter
August 7, 2026
A group of 26 banks increased their mortgage earnings by 3.8% on a quarterly basis during the second quarter. Six months into the year, earnings were down 1.0% compared with the first half of 2025, with interest rates weighing on production. (Includes two data tables.)
Retail Gains Share in 2Q26 Agency Securitizations
August 7, 2026
The retail channel gained market share in second-quarter agency securitizations as purchase mortgages rose sharply. Credit quality deteriorated slightly. (Includes data table.)
ICE Sees Strong Mortgage Earnings in Second Quarter
August 7, 2026
In the second quarter of 2026, Intercontinental Exchange generated its best earnings from its mortgage technology segment since 2022. ICE is optimistic that its AI tools will drive future revenue.
Zillow Charts Expansion of Mortgage Business
August 7, 2026
Zillow Home Loans originated $2.2 billion of mortgages in the second quarter of 2026, nearly double its originations from the same quarter last year.

More Inside Mortgage Trends

Inside FHA/VA Lending

FHA Loss-Mitigation Removals Spike in 2Q
The amount of FHA loans removed from Ginnie Mae securities for loss-mitigation purposes more than doubled from the first to the second quarter. Overall, repurchases from the Ginnie program declined slightly. (Includes two data charts.)
FHA Delinquencies Show Signs of Stabilization
FHA serious delinquencies have spiked in recent quarters because of a reporting change implemented under a new loss-mitigation regime, but improving early-stage delinquencies could foreshadow the start of normalization.
FHA Proposes Simplified Partial Claim Structure
The agency recently issued a draft policy that would allow servicers to structure FHA partial claims similarly to other servicing advances rather than as a subordinate note.
Housing Law Seeks to Boost FHA Multifamily Program
The 21st Century ROAD to Housing Act includes some initiatives meant to enhance FHA’s multifamily program, which has seen reduced usage since the pandemic.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Bank Mortgage Earnings Tick Up in Second Quarter
A group of 26 banks increased their mortgage earnings by 3.8% on a quarterly basis during the second quarter. Six months into the year, earnings were down 1.0% compared with the first half of 2025, with interest rates weighing on production. (Includes two data tables.)
Inside Mortgage Finance
Rocket, Chase Give Up Some Servicing Share in 2Q
Rocket was one of the largest sellers of agency mortgage servicing rights during the second quarter and the only nonbank to post a decline in owned servicing among the top-10 firms. Chase’s decline in owned servicing looks to be tied to portfolio runoff. (Includes three data tables.)
Inside Nonconforming Markets
Prime Non-Agency MBS Issuance Drops in 2Q
Issuance of prime non-agency mortgage-backed securities cooled off somewhat in the second quarter of 2026, but remained elevated on an annual basis. (Includes three data tables.)
Inside MBS & ABS
Agency MBS Issuance Sags in July as Refi Market Fades
At the end of July, the agency purchase-mortgage market was just barely ahead of the pace for the first seven months of 2025, but refinance business has doubled. (Includes two data tables.)
Inside the CFPB
Mortgage Complaints to CFPB Hold Steady in Second Quarter
Servicing and loan modification issues continued to account for the majority of complaints filed with the bureau in the second quarter of 2026, including a rise in issues involving mods. (Includes two data tables.)
Inside The GSEs
GSEs Deliver Consistent Profits; No Closer to Solvency
Combined net interest income at the GSEs has averaged $12.94 billion per quarter over the past year. And since the beginning of 2022, combined net income hasn’t dipped below $11.29 billion. (Includes data table.)
Inside FHA/VA Lending
FHA Loss-Mitigation Removals Spike in 2Q
The amount of FHA loans removed from Ginnie Mae securities for loss-mitigation purposes more than doubled from the first to the second quarter. Overall, repurchases from the Ginnie program declined slightly. (Includes two data charts.)

Inside The GSEs

GSEs Deliver Consistent Profits; No Closer to Solvency
Combined net interest income at the GSEs has averaged $12.94 billion per quarter over the past year. And since the beginning of 2022, combined net income hasn’t dipped below $11.29 billion. (Includes data table.)
Housing Sector Split on Duty-to-Serve Proposal
Industry trade groups are pushing for optimized investment tools, community bankers are warning against systemic risk and housing advocates believe the proposal will allow the GSEs to abandon the nation’s neediest populations.
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?