Latest News

Nonbank Share of Agency Servicing Up Again in 2Q
July 17, 2026
Nonbanks held the rights to service 68.6% of outstanding servicing tied to agency MBS as of the end of June.
Originations Increase, Mortgage Income Strays at Regional Banks
July 17, 2026
Truist Financial, Fifth Third Bank and Regions Financial all increased residential mortgage originations on a sequential basis in the second quarter but mortgage earnings didn't follow the same trajectory.
Ginnie Lenient With VA Delinquencies as Well
July 17, 2026
In late April, Ginnie announced that it would exclude FHA mortgages on trial payment plans when calculating servicers’ delinquency ratios for compliance purposes.
KBRA Joins Morningstar in Rating RTL Securitizations
July 17, 2026
“More rating agencies means more perspectives, and more perspectives means sharper insight for investors," John Beacham, CEO of Toorak Capital Partners, said. “That’s good for issuers, good for investors, and good for the long-term health of the market.”

Ginnie Mae Issuance
Ginnie Issuance Soars in 2Q; Purchase Mortgages Strong
The securitization market for government-insured mortgages during the second quarter of 2026 was the strongest since the fourth quarter of 2021. (Includes four data tables.)
Securitization
Non-Agency MBS Issuance Declines in Second Quarter
Issuance of non-agency mortgage-backed securities declined during the second quarter of 2026. Non-agency issuance involving GSE-eligible mortgages, though, was up slightly. (Includes data tables.)
Issuance
MBS/ABS Issuance Rises in 2Q26, But Momentum Stalls
Agency single-family MBS issuance rose 11% from the first to the second quarter, and midyear production was up 28% from 2025. But the refinance business is running out of gas and purchase-mortgage volume was flat compared with the first six months of last year. (Includes three data tables.)
MBS
Lenders Put an Emphasis on FHA, VA Loans in 2Q
With interest rates on mortgages rising, some agency business shifted to Ginnie Mae in the second quarter of 2026. Rocket surpassed UWM as the top issuer of agency MBS during the quarter. (Includes two data tables.)
Buybacks
GSE Buybacks Slow in 1Q, Freddie’s Pipeline Up
Seller repurchases from Fannie and Freddie declined 21% in the first quarter of 2026 to the lowest level since 2020. But the pipeline of unresolved claims rose significantly. (Includes three data tables.)
Channels
Originations Decline Across All Channels in 1Q
Mortgage originations declined across the three major production channels in the first quarter of 2026. Pennymac reported a 32.8% drop in conventional-conforming volume through correspondents. (Includes two data tables.)

Inside Mortgage Finance

Nonbanks Gain More Agency Servicing Share in Second Quarter
The nonbank share of agency servicing increased to 68.6% at the end of June. Rocket remained the top servicer, though the nonbank’s servicing portfolio declined during the second quarter. (Includes two data tables.)
Implementation of New Housing Law to Take Time
Any impact from the landmark 21st Century ROAD to Housing Act could take years, with the Republicans proudly touting that the law doesn’t include any new funding.
- FICO 10T Seen as Having an Edge on Default Projections
- Market Dynamics Shifting Distributed Retail Strategies
More Inside Mortgage Finance

Inside MBS & ABS

Non-Agency MBS Issuance Declines Sharply in Second Quarter
July 16, 2026
Although securitization of seasoned non-agency loans fell by 50% from an abnormally high level in early 2026, issuance of MBS backed by recently originated loans held fairly steady. (Includes three data files.)
KBRA Begins Rating RTL Securitizations
July 16, 2026
Kroll Bond Rating Agency last week assigned ratings on a $191.5 million deal of residential transition loans from Fidelis Investors.
SFA Seeks Changes to NAIC Treatment of Rating Services
July 16, 2026
The Structured Finance Association asked NAIC to work with existing supervisory authorities responsible for oversight of rating services to avoid creating duplicative oversight obligations.
Outstanding SFR Securitizations Safe From Housing Law
July 16, 2026
The near-term credit impact of the new housing legislation on existing SFR securitizations is expected to be benign. Build-to-rent properties are expected to be the predominant collateral in new securitizations.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Expanded-Credit MBS Issuance Declines in 2Q
July 17, 2026
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.)
Lack of Uniformity Among BPLs an Issue for Servicers
July 17, 2026
Servicers of business purpose loans noted challenges handling the asset class due to the customizable structure of the loans.
Home Equity Lender Button Finance Expands Into Non-QMs
July 17, 2026
Founded in 2019, New York-based Button Finance originally planned to focus on home equity lending, but is now branching out into non-qualified mortgages.
HEI Legislation Under Consideration in Congress
July 17, 2026
If passed, the Home Equity Lending Integrity Act would regulate home equity investment products, including subjecting HEIs to requirements under the Truth in Lending Act.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

LTV Ratios on GSE Deliveries Up in Second Quarter
July 10, 2026
The share of GSE purchase mortgages with LTV ratios above 80% increased during the second quarter to a level last seen in 2023. However, lenders held firm on credit scores and the high-LTV-ratio share of refi business declined. (Includes two data tables.)
Product Innovation Key for Growing Non-QM Market
July 10, 2026
Lenders are innovating their product offerings to meet the growing demand for non-qualified mortgages.
Lenders Looking at AI to Reduce Appraisal Risks
July 10, 2026
Artificial intelligence and stronger due diligence efforts can help reduce growing instances of appraisal fraud, according to mortgage investors and appraisers.
Primary MI Volume Up in 2Q, Led by FHA and VA
July 10, 2026
The FHA/VA share of agency business with primary mortgage insurance increased during the second quarter for both purchase mortgages and refis. In the first half of 2026, purchase-mortgage volume with primary MI was up only 2.7% from the first half of 2025. (Includes two data tables.)

More Inside Mortgage Trends

Inside FHA/VA Lending

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.)
HUD Seeks Partial Claim Note Consolidation
The Department of Housing and Urban Development plans to pursue rulemaking to allow a partial claim to be secured under the original mortgage, rather than as a subordinate note.
VA to Update Partial Claim, Property Requirements
The Department of Veterans Affairs’ 2026 regulatory agenda mostly consists of planned updates to align with recent lawmaking.
Industry Seeks FHA Property Requirement Reforms
Trade groups urged FHA to adopt a more holistic approach to determining the condition of a property, aligning its standards with those of the government-sponsored enterprises.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
LTV Ratios on GSE Deliveries Up in Second Quarter
The share of GSE purchase mortgages with LTV ratios above 80% increased during the second quarter to a level last seen in 2023. However, lenders held firm on credit scores and the high-LTV-ratio share of refi business declined. (Includes two data tables.)
Inside Mortgage Finance
Nonbanks Gain More Agency Servicing Share in Second Quarter
The nonbank share of agency servicing increased to 68.6% at the end of June. Rocket remained the top servicer, though the nonbank’s servicing portfolio declined during the second quarter. (Includes two data tables.)
Inside Nonconforming Markets
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.)
Inside MBS & ABS
Non-Agency MBS Issuance Declines Sharply in Second Quarter
Although securitization of seasoned non-agency loans fell by 50% from an abnormally high level in early 2026, issuance of MBS backed by recently originated loans held fairly steady. (Includes three data files.)
Inside the CFPB
CFPB to ‘Streamline’ Regulations, Help Small Businesses
The CFPB is planning a number of rulemaking activities across financial sectors. Many of the actions aim to reduce regulatory burdens.
Inside The GSEs
Big Banks Gain Market Share in Second Quarter
Despite a modest increase in volume in the second quarter, large independent mortgage lenders saw their market share fall to its lowest level since the fourth quarter of 2024. (Includes two data tables.)
Inside FHA/VA Lending
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 The GSEs

Big Banks Gain Market Share in Second Quarter
Despite a modest increase in volume in the second quarter, large independent mortgage lenders saw their market share fall to its lowest level since the fourth quarter of 2024. (Includes two data tables.)
FHFA to Seek Unexplained Privacy Act Exemptions
FHFA wants to claim exemptions “for certain system of records to ensure the agency can effectively carry out its statutory responsibilities while safeguarding sensitive information.”
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?