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Rocket Tops Chase as Largest Servicer of GSE Mortgages
January 29, 2026
The addition of Mr. Cooper Group’s portfolio in October more than doubled Rocket’s outstanding GSE servicing as the end of December, to $952.02 billion.
Income Increases at Annaly in Fourth Quarter
January 29, 2026
Annaly Capital Management’s net income increased by 20.7% on a quarterly basis in the fourth quarter of 2025.
Chase Marketing Large Securitization of Closed-End Seconds
January 29, 2026
The $628.3 million securitization of closed-end second liens will be the largest securitization of home equity loans from Chase in the post-2008 era.
Student Loan Obligations an Opportunity for Mortgage Lenders
January 29, 2026
Many student loan borrowers are facing repayment requirements for the first time in years.

ABS
ABS Issuance Hits Record in 2025 Despite Late Decline
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.)
Mortgage Insurance
Private MI Business Stronger Than FHA in 4Q
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.)
Sales
Rocket/Mr. Cooper Top UWM With GSE Deliveries
As a merged company, Rocket Mortgage and Mr. Cooper delivered more mortgages to Fannie Mae and Freddie Mac than any other company during the fourth quarter of 2025.
Characteristics
Lenders Shift GSE Business to Higher Quality in Fourth Quarter
GSE refi business jumped and shifted toward borrowers with higher credit scores during the fourth quarter. With purchase mortgages, lenders also put a greater emphasis on LTV ratios below 81%.
Mortgage Insurance
Agency Refi Business With MI Spikes in Fourth Quarter
In the agency MBS market, refi volume with primary MI was up sharply at both the government-sponsored enterprises and the Department of Veterans Affairs, while FHA volume lagged to some extent.
Issuance
RMBS Issuance Ends Banner Year With Modest Decline
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.)

Inside Mortgage Finance

Originations Increase in Fourth Quarter With Refi Push
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.)
GSEs’ MBS Plan Prompts Revisions to Rate Forecasts
In mid-December, MBA was projecting interest rates would hold at 6.4% throughout 2026. However, MBA now anticipates the average rate will be 6.1% in the first quarter and hold at that level through the year.
- CDIA Sides With CHLA in Tri-Merge Debate
- States Ramping Up AI Regulation in Mortgage Market
More Inside Mortgage Finance

Inside MBS & ABS

Record Year for CLO, But Issuance Slowed in 4Q25
January 29, 2026
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.)
FHFA Rejiggers Cap on GSE Acquisitions of Agency MBS
January 29, 2026
FHFA quietly increased the cap on the GSEs’ holdings of agency MBS from $40 billion apiece to $225 billion. That’s the same as the cap on their entire retained mortgage portfolios.
REIT Agency MBS Investors Comfortable With Market
January 29, 2026
Interest rate and spread volatility has declined in recent months. That’s leading to a reduction in potential returns from agency MBS along with a more stable investing environment.
Spec Pool Volume Slumps in 4Q25 as GSE MBS Increases
January 29, 2026
Freddie continues to lead Fannie in issuance of specified-pool MBS. In the fourth quarter, there were relatively large gains in pools of mortgages with loan amounts below $275,000, as well as pools of Texas loans. (Includes data table.)

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency MBS Issuance Jumps 61% in 2025
January 16, 2026
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.)
Non-Agency Market May See Boost From GSE MBS Move
January 16, 2026
Non-agency lenders are expecting an increase in originations following the Trump administration’s announcement that the GSEs will add $200 billion to their MBS holdings.
RTL Activity Expected to Slow Somewhat in 2026
January 16, 2026
After significant increases in securitization of residential transition loans in recent years, volume could decline this year.
GSE Conforming Jumbo Business Choppy in 2025
January 16, 2026
Deliveries of conforming jumbos to the GSEs increased during the fourth quarter of 2025, though volume was down for the full year. (Includes data table.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Agency MSR Transfers Pick Up in Fourth Quarter of 2025
January 23, 2026
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.)
Agency MBS Delinquency Rate Hits Level Seen in 2021
January 23, 2026
The total delinquency rate on loans in agency MBS reached 3.71% at the end of 2025. The last time delinquencies were at that level was early 2021 as the market was recovering from the impact of the pandemic. (Includes data table.)
Lenders Offering Guidance on Student Loan Repayments
January 23, 2026
Mortgage lenders are partnering with student loan debt repayment services as a pathway to drive business with new and existing borrowers.
Truist Touts Success With AI in Underwriting
January 23, 2026
Truist is using an AI tool from Dark Matter Technologies for underwriting processes while having humans validate the results. Meanwhile, MISMO is working on a framework for AI.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Refi Issuance in 4Q Surges Closer to Pandemic Levels
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.)
GSE MBS Purchase Effects Ripple to FHA/VA Market
Rates eased by a few basis points in government markets after the Trump administration announced Fannie Mae and Freddie Mac would purchase a combined $200 billion in agency mortgage-backed securities, even as the industry awaited more details from the federal government.
Ginnie Relaxes PIIT Program to Boost Digital Collateral
Ginnie Mae will allow electronic promissory notes to be transferred under its co-issuance program as part of its effort to push more lenders into the digital landscape.
Proposal to Raise VA Mortgage Fees Surfaces in House
An amendment floated ahead of a planned markup by the House Committee on Veterans' Affairs would raise the funding fee on most VA home loans. The markup was ultimately postponed.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Agency MSR Transfers Pick Up in Fourth Quarter of 2025
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.)
Inside Mortgage Finance
Originations Increase in Fourth Quarter With Refi Push
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.)
Inside Nonconforming Markets
Non-Agency MBS Issuance Jumps 61% in 2025
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.)
Inside MBS & ABS
Record Year for CLO, But Issuance Slowed in 4Q25
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.)
Inside the CFPB
Mortgage Complaints to CFPB Tick Up in Fourth Quarter
Consumer grievances filed with the CFPB related to mortgages increased steadily during the final quarter of 2025. (Includes two data tables.)
Inside The GSEs
Rocket/Mr. Cooper Combo Dominates GSE Servicing
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.)
Inside FHA/VA Lending
Ginnie Refi Issuance in 4Q Surges Closer to Pandemic Levels
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.)

Inside The GSEs

Rocket/Mr. Cooper Combo Dominates GSE Servicing
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.)
GSE Reform Plans Uncertain Following $200B MBS Push
Some critics argue that forcing Fannie Mae and Freddie Mac to intervene in the mortgage-backed securities market may indicate their recapitalization and release from conservatorship is now on hold.
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?