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Non-Agency MBS Sectors Hit Post-Crisis Highs for Issuance in 2025
January 20, 2026
The biggest gain was in the expanded-credit mortgage sector, where new issuance jumped 74.5% from 2024 to $78.24 billion last year.
MSR Values, Hedging Eat Into U.S. Bank’s Mortgage Earnings
January 20, 2026
U.S. Bank took a negative $11.0 million mark for mortgage servicing rights fair value, net of economic hedges, in the fourth quarter of 2025.
GSE MBS Purchases Help Boost FHA/VA Lending
January 20, 2026
Mortgage rates declined slightly in the government-insured market after the Trump administration directed Fannie Mae and Freddie Mac to purchase a combined $200 billion in agency mortgage-backed securities.
Residential Transition Loan Activity Could Slow in 2026
January 20, 2026
Amit Siroya, managing director of residential investments, asset-based finance, at Barings, said RTL originations could slow in certain pockets that are seeing volatility in home prices.

Government-Insured Originations
Correspondents Gain Market Share in Government Lending
Lenders grew the share of government-insured loans originated through correspondent channels in the third quarter, according to an Inside FHA/VA Lending analysis of proprietary survey data.
Issuance
Solid 4Q Carries 2025 MBS/ABS to $2 Trillion
Residential MBS, commercial MBS and non-mortgage ABS all posted significant gains in annual issuance in 2025. The agency MBS market got a big boost in the fourth quarter from refinance activity.
MBS
Agency Refi Market Rises to Three-Year High in 2025
UWM finished as the top agency seller in 2025, with annual volume up 22.2% from the previous year. Like many companies, its fourth-quarter sales rose dramatically thanks to heavy refinance volume.
Agency MBS
Largest Sellers See GSE Deliveries Wane in November
UWM, Rocket and Pennymac all sold fewer mortgages to the GSEs in November than in October. That contributed to a 1.3% monthly decline in GSE MBS issuance. (Includes two data tables.)
Channels
Third-Party Lenders Boost Market Share in Third Quarter
Wholesale-brokers and correspondent aggregators increased their market share in all three major product categories. Retail continued to lead conventional-conforming lending. (Includes two data tables.)
Repurchases
Bank Mortgage Repurchases Decline in Third Quarter
The dollar volume of mortgage repurchases by banks declined by 5.4% on a sequential basis during the third quarter. Western Alliance Bank led in loan removals for the second straight quarter. (Includes data table.)

Inside Mortgage Finance

A New King is Crowned in Agency Mortgage Servicing
The fastest-growing sector of the agency servicing market was the cohort with coupons of 5% to 6%, which was up 11.8% in the fourth quarter. MSR with rates above 6% surged to $2 trillion. (Includes two data tables.)
Lenders Expect Origination Boost From GSE MBS Purchases
President Trump’s announcement that the GSEs will buy $200 billion of agency MBS prompted mortgage spreads to tighten by about 20 basis points and some lenders to offer mortgages below 6.00%.
- Trump’s MBS Purchase Plan Runs Counter to Fed Policy
- CFPB Requests Funds From Fed to Comply With Court
More Inside Mortgage Finance

Inside MBS & ABS

RMBS Issuance Ends Banner Year With Modest Decline
January 15, 2026
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.)
GSE MBS Buying Tightens Spreads, Adds Uncertainty
January 15, 2026
President Trump effectively directed the GSEs to fill in the role that the Fed had been serving in terms of agency MBS investments. The stimulus could be short lived, with the purchases expected to wrap up by June.
Ginnie to Allow Pooling of eNotes in PIIT Program
January 15, 2026
The flexibility is part of an effort by Ginnie Mae to make its digital collateral program more attractive.
SFA Updates Review Standards for Seasoned Mortgages
January 15, 2026
The trade group addressed common pay-history questions ranging from recency expectations to credit reports as a source of payment history.

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

Lenders Shift GSE Business to Higher Quality in Fourth Quarter
January 9, 2026
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%.
Agency Refi Business With MI Spikes in Fourth Quarter
January 9, 2026
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.
AI Use in Mortgage Activity Expected to Grow in 2026
January 9, 2026
AI is expected to be increasingly used by both lenders and borrowers thanks to improvements in the seemingly ubiquitous tech.
M&A May Cost Lenders Refi Opportunities
January 9, 2026
Mergers and acquisitions disrupt relationships between borrowers and lenders and lead to a lower occurrence of refinancing, according to new research.

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

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Inside Mortgage Trends
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%.
Inside Mortgage Finance
A New King is Crowned in Agency Mortgage Servicing
The fastest-growing sector of the agency servicing market was the cohort with coupons of 5% to 6%, which was up 11.8% in the fourth quarter. MSR with rates above 6% surged to $2 trillion. (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
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 the CFPB
CFPB Requests $145 Million Transfer From Fed
The bureau submitted to Judge Amy Berman Jackson’s decision finding that a lapse in appropriations would violate a preliminary injunction and directing the Trump administration to fund the CFPB.
Inside The GSEs
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.
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 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.
Trump Orders GSEs to Boost MBS Investments
The president wants Fannie and Freddie to buy $200 billion in agency MBS to lower interest rates and reduce the cost of buying a home. Initial reaction from MBS analysts was mixed.
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?