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Refi Share Rises to Nearly 50% of Originations in 1Q
May 22, 2026
In all of 2025, refis accounted for 30.1% of originations.
FHA Still Working on Details for VantageScore, FICO 10T
May 22, 2026
“Implementation dates and additional guidance will be announced later this year,” FHA said.
Agency MBS Investors Could Ding Loans With VantageScore
May 22, 2026
“If [the GSEs] are going to distribute them into securities,” said Bose George, a managing director of Keefe, Bruyette & Woods, “I assume there’ll be some sort of pay-up for these loans, because people don’t know the performance yet.”
Rising Interest Rates Helping to Lift MSR Values
May 22, 2026
An increase in interest rates limits prepayments on existing mortgages, helping to boost the value of mortgage servicing rights.

Securitization
GSE-Eligible Loans, Refis Fuel Prime Non-Agency MBS
Issuance of prime non-agency mortgage-backed securities increased by 17.0% on a quarterly basis in the first quarter of 2026. (Includes three data tables.)
Commercial MBS
CMBS Issuance Stumbles in 1Q as Agency Sags
Issuance of non-agency CMBS was up 13% from the fourth quarter to $41 billion, including big gains in retail, office and multifamily. But agency multifamily MBS production fell 22%. (Includes two data tables.)
Mortgage Insurance
Primary MI Volume Down in 1Q26, Govt Share Edges Up
A boost in primary MI for refinance loans helped offset an across-the-board downturn in new coverage for purchase loans. Private MI earnings look to be on cruise control. (Includes four data tables.)
Earnings
Banks Report Slight Drop in Mortgage-Banking Income
While new production volume was generally sluggish in the first quarter of this year, several banks reported higher gain-on-sale margins and better MSR hedging results. (Includes data table.)
Channels
Retail Lenders Boosted by Rising Refis
Deliveries of retail mortgages to the agencies were boosted by an increase in refinances in the wake of lower mortgage rates in the first quarter of 2026. (Includes two data tables.)
Earnings
Fannie and Freddie Earnings on Different Trajectories
Fannie Mae’s net interest income has barely changed over the past 13 quarters, while Freddie Mac’s has increased slightly in all but one of those quarters. (Includes data table.)

Inside Mortgage Finance

VantageScore Uptake Matches Expectations
Early interest in the VantageScore 4.0 pilot has been strong, but participants note that the new score can be up to 100 points different from Classic FICO.
Refi Share of Originations Nears 50% in First Quarter
The refi share of originations hit 46.7% in the first quarter, thanks to low interest rates in January and February. Purchase-mortgage volume was up 3.7% compared to the first quarter of 2025. (Includes four data tables.)
- Lenders’ Hope of Rate Relief Fades as Iran War Drags On
- Delinquency Rate Declines, as Usual, in First Quarter
More Inside Mortgage Finance

Inside MBS & ABS

Secondary Market Implications of New Credit Scores
May 21, 2026
MBS investors are likely to charge a pay-up for securities backed by mortgages underwritten with VantageScore — at least until they’re confident prepayment speeds won’t accelerate.
Bank MBS Holdings Rise in 1Q26, Investors Like Ginnie
May 21, 2026
Some large banks repositioned their portfolios to favor Ginnie pass-throughs during the first quarter of 2026, and several regional banks closed mergers that grew their MBS holdings. (Includes two data tables.)
Loss-Mit Changes Reveal Ginnie Issuers’ Risk Exposure
May 21, 2026
Ginnie Mae President Joe Gormley said changes to the loss-mitigation policies for loans backed by FHA and the Department of Veterans Affairs revealed that some issuers had higher exposure to riskier loans.
What Does New Fed Chair Mean for the MBS Market?
May 21, 2026
New Fed Chair Kevin Warsh has long criticized the size of the Fed’s balance sheet, in particular, its massive holdings of agency MBS.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Banks’ Mortgage Holdings Inch Down in First Quarter
May 22, 2026
Adjustable-rate mortgages accounted for 38.2% of first-lien holdings at banks and thrifts at the end of March, down from 42.6% at the end of December. (Includes data table.)
Non-QM Lenders Look to Maintain Momentum
May 22, 2026
At the MBA’s secondary market conference this week, non-agency industry participants discussed how to keep non-QM originations flowing through market volatility.
Explosion of Insurance Capital Helping DSCR Lending
May 22, 2026
Demand from insurance companies is helping fuel originations of mortgages underwritten with debt service coverage ratios.
Chase Lags on Non-Agency MBS Servicing
May 22, 2026
Among the top-five servicers handling non-agency mortgage-backed securities, JPMorgan Chase was the only servicer to see a drop in volume in the first quarter. (Includes data table.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Nonbanks See Rebound in Mortgage-Banking Income
May 15, 2026
Most of the overall increase in nonbank mortgage-banking income in the first quarter of 2026 came from Rithm Capital, which saw a big improvement on the servicing side. (Includes data table.)
Servicers Offer Candid View on Benefits of AI
May 15, 2026
AI won’t necessarily reduce costs for servicers, but the technology can improve processes and borrower retention, according to industry participants.
Rate Tops Correspondent Sellers in 2025
May 15, 2026
Rate emerged as the top correspondent seller in 2025, delivering $18.58 billion of mortgages to unaffiliated non-agency buyers, a sharp 36.4% increase on an annual basis. (Includes data table.)
Mortgage Connect Noncompete Clause Ruled Unenforceable
May 15, 2026
A Pennsylvania judge said Mortgage Connect’s complaint failed to meet the burden of proof for a clear right to relief in a case that involved a former employee’s noncompete clause.

More Inside Mortgage Trends

Inside FHA/VA Lending

FHA Refis Sole Bright Spot in First-Quarter Originations
Overall, FHA and VA lending declined by 8.3% on a quarterly basis in the first quarter of 2026. FHA refi volume was up, helped by loans to existing FHA borrowers. (Includes three data tables.)
Risk Lingers for FHA Portfolio With Economy Unsteady
Although changes to FHA’s loss-mitigation policies are expected to resolve most of the persistent re-defaults in its portfolio, FHA borrowers continue to be the most exposed to financial stressors.
Gormley Running FHA With a Hands-Off Approach
Ginnie Mae President Joe Gormley addressed how he’s been filling a dual role as temporary FHA head since Commissioner Frank Cassidy went on leave from the position in April.
Denial Rates on Government-Insured Mortgages Steady in 2025
Lenders turned down 22.0% of applications received for FHA loans in 2025. The rejection rate on VA mortgages was a more modest 16.1%. (Includes data table.)

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Nonbanks See Rebound in Mortgage-Banking Income
Most of the overall increase in nonbank mortgage-banking income in the first quarter of 2026 came from Rithm Capital, which saw a big improvement on the servicing side. (Includes data table.)
Inside Mortgage Finance
VantageScore Uptake Matches Expectations
Early interest in the VantageScore 4.0 pilot has been strong, but participants note that the new score can be up to 100 points different from Classic FICO.
Inside Nonconforming Markets
Banks’ Mortgage Holdings Inch Down in First Quarter
Adjustable-rate mortgages accounted for 38.2% of first-lien holdings at banks and thrifts at the end of March, down from 42.6% at the end of December. (Includes data table.)
Inside MBS & ABS
Secondary Market Implications of New Credit Scores
MBS investors are likely to charge a pay-up for securities backed by mortgages underwritten with VantageScore — at least until they’re confident prepayment speeds won’t accelerate.
Inside the CFPB
California Taps Chopra for New Watchdog Agency
The former director of the CFPB will lead California’s new Business and Consumer Services Agency, which will launch July 1.
Inside The GSEs
GSE Deliveries Increase in April, Credit Box Tightens
Single-family MBS issuance by Fannie Mae and Freddie Mac increased by 8.5% from March to April. Lenders boosted their deliveries without compromising on underwriting standards for purchase mortgages. (Includes two data tables.)
Inside FHA/VA Lending
FHA Refis Sole Bright Spot in First-Quarter Originations
Overall, FHA and VA lending declined by 8.3% on a quarterly basis in the first quarter of 2026. FHA refi volume was up, helped by loans to existing FHA borrowers. (Includes three data tables.)

Inside The GSEs

GSE Deliveries Increase in April, Credit Box Tightens
Single-family MBS issuance by Fannie Mae and Freddie Mac increased by 8.5% from March to April. Lenders boosted their deliveries without compromising on underwriting standards for purchase mortgages. (Includes two data tables.)
Lenders, Investors Wait for Historical FICO 10T Data
Both VantageScore and FICO have commissioned research to support their claims of superiority. But the truth probably won’t be known until VantageScore 4.0 and FICO 10T compete head-to-head.
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?