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Share of Mortgages With Higher Interest Rates Rising
April 11, 2025
Mortgages with interest rates above 6.0% accounted for 18.2% of the agency servicing market as of the end of March.
Chase, Wells Increase Originations on Annual Basis in 1Q25
April 11, 2025
JPMorgan Chase had a 47.4% improvement compared to 1Q24 and Wells Fargo was us 25.7%.
Investor Demand for Non-Agency Mortgages Falters
April 11, 2025
The spread on an expanded-credit MBS Annaly Capital Management priced this week was the widest pricing for the senior tranche of an expanded-credit MBS in more than a year.
Morgan Stanley Preps Expanded-Credit MBS With HomeXpress
April 11, 2025
HomeXpress is owned by Seer Capital Management, an investment fund.

Issuance
Structured Finance Issuance Off to a Wobbly Start in 2025
Issuance of new residential MBS, commercial MBS and ABS in early 2025 declined about 9% from the fourth quarter, although most sectors were up compared to a year ago. Monthly trends in March were mixed. (Includes three data tables.)
MBS
Agency Single-Family MBS Market Tanks in Early 2025
Agency refinance volume was down sharply in the first quarter but it got off to a faster start than in early 2024. Most measures of agency volume were down, but the share of higher-risk loans was trending higher. (Includes two data tables.)
Government-Insured Originations
FHA Lending Slows in Fourth Quarter Despite Refi Spike
FHA-to-FHA refis increased by nearly 70% in the fourth quarter while purchase mortgage volume slid 12.4%. United Wholesale Mortgage remained the largest FHA lender in 2024.
Originations
Correspondents Regain Some Nonconforming Share in 4Q
The correspondent share of nonconforming originations returned to the double digits in the fourth quarter of 2024. Though for the full year, correspondents lost market share.
Originations
ARM Lending, Market Share Increase in Fourth Quarter
Homebuilder Lennar and First-Citizens Bank & Trust posted strong increases in originations of adjustable-rate mortgages.
Servicing
Shellpoint Remains Top Servicer of Non-Agency MBS in 4Q
Shellpoint handled servicing on 26.6% of the dollar volume of non-agency MBS issued during the fourth quarter.

Inside Mortgage Finance

With a Giant on the Horizon, Agency MSR Leans Higher
Lakeview Loan Servicing remained the largest player in the agency servicing market at the end of the first quarter, but the industry’s biggest-ever servicer is in the wings. (Includes two data tables.)
Pressure on Mortgage Lenders Mounts With Tariff Volatility
The stock market is volatile and interest rates are rising. Dozens of mortgage company owners are pondering their options.
- Lenders Face Uncertainty on Policy Actions by Trump
- Fannie Fires More Than 100 Employees for ‘Unethical Conduct’
More Inside Mortgage Finance

Inside MBS & ABS

Sluggish S&D Sector Slows Non-Agency MBS in 1Q25
April 10, 2025
MBS backed by home equity loans originated by nonbanks was the fastest-growing sector of the non-agency market in the first quarter. Both prime and ECM issuance continue to grow as well. (Includes three data tables.)
Unexpected Movements in Treasury Rate With Tariffs
April 10, 2025
In the Trump economy, predicting which way rates might go in the wake of a stock market swoon is more difficult than usual. As for MBS spreads narrowing, don’t bet on it anytime soon.
Demand for Non-Agency Mortgages Softens Amid Volatility
April 10, 2025
Few issuers tried to price non-agency MBS in the days following President Trump’s tariff announcement last week. An expanded-credit MBS from Annaly priced at the widest spreads seen in more than a year.
Court Sides With Ginnie in Texas Capital Bank Lawsuit
April 10, 2025
Ginnie Mae emerged victorious in a lawsuit brought by Texas Capital Bank over an extinguished lien on collateral for Reverse Mortgage Funding’s home equity conversion mortgages. TCB plans to appeal the ruling.

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency MBS Market Starts Strong in 2025
April 4, 2025
Expanded-credit mortgages, jumbo loans and GSE-eligible collateral in MBS securitizations were all up in the first quarter of 2025. (Includes data tables.)
ARDRI Enters Non-QM Via Wholesale Lending
April 4, 2025
Brian O’Shaughnessy, the former co-CEO of Rama Capital Partners, launched ARDRI to provide a mix of the latest technology and customer-focused operations for non-QM mortgage brokers.
Non-Agency Still an Option for Non-Permanent Residents
April 4, 2025
A change in FHA lending requirements could lead to more non-permanent residents using non-QM options.
GSE Noncore Activity Declines in First Quarter
April 4, 2025
Volume of noncore products at the GSEs shifted downward in the first quarter as questions around the future of Fannie Mae and Freddie Mac persist. (Includes data table.)

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Trigger Lead Ban Back on Menu in Congress
April 11, 2025
Parallel bills were introduced this week in what policymakers and lenders hope will be a final bipartisan push to tighten restrictions on the abusive use of credit trigger leads.
Home Prices Cool as More Inventory Hits the Market
April 11, 2025
An increase in housing supply has helped increase options for buyers, limiting home price appreciation.
Grapevine: Tax Benefits for Rocket’s Dan Gilbert; Another Chance for RON
April 11, 2025
The founder of Rocket Companies could see $571.9 million in tax benefits triggered by the company’s planned acquisition of Mr. Cooper; legislation in the House would set standards for remote online notarization; new company offering NMLS-approved education.
Rocket’s Leverage Expected to Increase With Mr. Cooper
April 11, 2025
Fitch Ratings warned that it could downgrade its corporate rating on Rocket following the company’s planned acquisition of Mr. Cooper. Rocket’s corporate leverage looks poised to increase.

More Inside Mortgage Trends

Inside FHA/VA Lending

Refis Slow in Ginnie Market in First Quarter of 2025
A rise in interest rates around the beginning of the year suppressed refi volume to some extent. PennyMac was the top Ginnie issuer of both FHA and VA mortgages in the first quarter. (Includes four data tables.)
VA to End VASP, Prompting Uncertainty for Servicers
The program, developed by the Biden administration, purchases delinquent VA loans from servicers to help veterans avoid foreclosure.
HUD Limits FHA Eligibility Based on Borrower Residency
The elimination of eligibility of non-permanent U.S. residents for FHA loans could leave FHA lenders liable for mistakes made when certifying a borrower’s residency status.
Uncertainty Persists for HUD Programs and Employees
Previously-fired probationary employees at HUD are stuck in an administrative leave purgatory awaiting a court decision, while rumors continue to circulate of field-office closures.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
MSR Sales Slow in 1Q, Onslow Bay Tops Buyers
While several top buyers of bulk MSR focused on high-coupon servicing from which they can harvest refinance business, the first quarter’s top buyer was mostly interested in prepay-protected lower-rate MSR. (Includes three data tables.)
Inside Mortgage Finance
With a Giant on the Horizon, Agency MSR Leans Higher
Lakeview Loan Servicing remained the largest player in the agency servicing market at the end of the first quarter, but the industry’s biggest-ever servicer is in the wings. (Includes two data tables.)
Inside Nonconforming Markets
Non-Agency MBS Market Starts Strong in 2025
Expanded-credit mortgages, jumbo loans and GSE-eligible collateral in MBS securitizations were all up in the first quarter of 2025. (Includes data tables.)
Inside MBS & ABS
Sluggish S&D Sector Slows Non-Agency MBS in 1Q25
MBS backed by home equity loans originated by nonbanks was the fastest-growing sector of the non-agency market in the first quarter. Both prime and ECM issuance continue to grow as well. (Includes three data tables.)
Inside the CFPB
Preliminary Injunction in NTEU Lawsuit Halts Trump
The injunction is in place until the court resolves the lawsuit brought by the NTEU. The Trump administration appealed the order.
Inside The GSEs
Large Lenders Gain Market Share as Pie Shrinks
Share among megabanks and large nonbanks grew as overall deliveries to the GSEs faltered in the first quarter. (Includes two data tables.)
Inside FHA/VA Lending
Refis Slow in Ginnie Market in First Quarter of 2025
A rise in interest rates around the beginning of the year suppressed refi volume to some extent. PennyMac was the top Ginnie issuer of both FHA and VA mortgages in the first quarter. (Includes four data tables.)

Inside The GSEs

Large Lenders Gain Market Share as Pie Shrinks
Share among megabanks and large nonbanks grew as overall deliveries to the GSEs faltered in the first quarter. (Includes two data tables.)
Smaller Lenders See Risks and Rewards in GSE Reform
Smaller shops may support an end to the GSE conservatorships, but only if it’s done in a way that preserves pricing parity, avoids additional charters and maintains the cash window.
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?