Latest News

Home Equity Loan Originations Increase by 25% on Annual Basis
March 27, 2026
Some $279.0 billion of home equity loans were originated in 2025.
VA Open to Reducing Appraisal Standards
March 27, 2026
Patrick Zondervan, executive director of the VA Loan Guaranty Service, said the agency was “absolutely willing” to examine its appraiser requirements.
Two Harbors Drops UWM Plan, Switches to CrossCountry
March 27, 2026
As part of the agreement, CrossCountry paid $25.4 million to United Wholesale Mortgage, a termination fee to end the acquisition agreement UWM had with Two Harbors.
GSE Completes Pilot Securitization With VantageScore
March 27, 2026
Loans backing the securitization included both VantageScore 4.0 and Classic FICO.

Ginnie Mae Issuance
Ginnie MBS Issuance Sees Seasonal Plunge in February
Issuers of Ginnie Mae securities took it easy in February, producing just $38.07 billion of MBS, off 24.6% from the previous month. Purchase mortgage and refi volumes declined at similar paces. (Includes two data tables.)
Jumbo
Non-Agency Jumbo Lending Flourished in 2025
Non-agency jumbo mortgages gained market share with production up nearly 40% on an annual basis in 2025. All but one of the top 10 non-agency jumbo lenders reported year-on-year increases. (Includes data table.)
Servicing
Jumbo Servicing Volume Grows in Fourth Quarter
The volume of jumbo mortgages handled by 30 major servicers inched up 1.3% between the end of third quarter of 2025 and yearend. Compared with the end of 2024, servicing volume was up 2.4%. (Includes data table.)
Investors
Plenty of Investors Ready to Cover Fed’s MBS Retreat
While depository institutions and the central bank scaled back their MBS holdings during the fourth quarter, money managers, life insurance companies and the GSEs ramped up their portfolios. (Includes three data tables.)
Servicing
Ginnie, Non-Agency Loans Drive Servicing Higher
GSE servicing outstanding barely budged during 2025 while Ginnie servicing increased by 6.8% on an annual basis. In owned servicing, the only firms with major gains in 2025 were nonbanks. (Includes two data tables.)
Sales
GSE Deliveries Fall 11.4% in February
Three of the top-five GSE issuers posted declines in volume last month. Meanwhile, Fannie’s share of total residential MBS issuance fell to a decade-plus low of 24.0% in the fourth quarter of 2025. (Includes two data tables.)

Inside Mortgage Finance

Home Equity Loan Originations Decline in Fourth Quarter
Even with a 9.0% decline during the fourth quarter, production of home equity loans in 2025 was up 25.1% on an annual basis. Both depositories and nonbanks had a hand in boosting production. (Includes three data tables.)
Revamped Basel Proposal Not Attractive Enough for Banks
New guidelines would eliminate the threshold-based deduction for mortgage servicing rights and apply a 250% risk weight to the assets.
- State Regulators Not Ready to Reform Nonbank Supervision
- Concerns Emerge for GSEs’ New Condo Rules
More Inside Mortgage Finance

Inside MBS & ABS

CMBS Market Sees Potential Increase in Rating Shopping
March 26, 2026
Ratings from a single firm are increasingly common for single-asset/single-borrower commercial MBS, a sign of potential rating shopping.
Kroll Stays Ahead in MBS, Fitch Gains Ground in ABS
March 26, 2026
S&P was the top ABS rating service in the fourth quarter and finished narrowly behind Fitch for all of 2025. Kroll held the top spot in MBS ratings for the year despite a strong challenge from Fitch. (Includes two data tables.)
GSEs Likely Beefing Up MBS Purchases to Quell Volatility
March 26, 2026
Market participants say the surge in GSE purchases is part of the Trump administration’s effort to reduce mortgage rates and spreads.
Bank Capital Reforms Could Limit Supply of MBS
March 26, 2026
The revised proposals would reduce capital requirements for banks, both for MBS holdings and whole loans in portfolio. The change would provide incentives for banks to retain more originations in portfolio.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

ARM Production Bounces Back in Fourth Quarter
March 27, 2026
An estimated $94.00 billion of adjustable-rate mortgages were originated in the fourth quarter, up 20.5% from the third quarter. For the full year, volume shot up 44.7% to an estimated $298.00 billion. (Includes data table.)
Maxex Platform Grows With Tradeweb
March 27, 2026
In the month since announcing its partnership with Tradeweb, Maxex has seen growth in its digital exchange platform. The company also made updates to its non-QM Select 5 program.
Newer Non-Agency Lenders Face Stumbling Blocks
March 27, 2026
If originators moving into the non-agency space are not careful with product types unfamiliar to them, there can be risk and operational ramifications downstream.
Correspondent Share of Nonconforming Lending Increases
March 27, 2026
In 2025, the correspondent channel gained market share in the nonconforming market from the retail and broker channels. (Includes two data tables.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Production vs Servicing Results Mixed in 4Q25
March 20, 2026
Earnings reports from public companies showed gains in production-related and servicing income during the fourth quarter, but the broader MBA performance study found declines on both sides of the business. (Includes data tables.)
Correspondents Retreat in 4Q as Brokers Forge Ahead
March 20, 2026
Wholesale and retail lenders expanded their mortgage production more than correspondent aggregators in the origination boomlet that took shape during the final quarter of 2025. (Includes two data tables.)
Freedom to Acquire MSR Holder Seneca
March 20, 2026
Freedom Mortgage plans to acquire private equity-backed Seneca Mortgage Servicing and its billions in non-government mortgage servicing rights.
Homebuilders’ Usage of Sale Incentives Stabilizing
March 20, 2026
Homebuilders are optimistic that the spring homebuying season should boost profits and reduce incentive usage.

More Inside Mortgage Trends

Inside FHA/VA Lending

Correspondent Share of FHA, VA Lending Increases in 2025
Among a large group of lenders, the correspondent channel accounted for a 38.0% share of government-insured originations in 2025, up from a 34.5% share in 2024. (Includes data table.)
VA Targets June Rollout of Partial Claims
VA is aiming to roll out its partial claim program in June. The agency is also open to revising its appraisal standards.
HECM Endorsements Tick Up in 2025
Endorsements of home equity conversion mortgages increased by 3.2% on an annual basis in 2025, even with four consecutive quarterly declines since the fourth quarter of 2024. (Includes three data tables.)
Ginnie Servicers Nearing DQ Ceiling Face Elevated Buyouts
Servicers of government loans in Ginnie Mae mortgage-backed securities will need to ramp up buyout activity as delinquencies in their portfolios increase.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Production vs Servicing Results Mixed in 4Q25
Earnings reports from public companies showed gains in production-related and servicing income during the fourth quarter, but the broader MBA performance study found declines on both sides of the business. (Includes data tables.)
Inside Mortgage Finance
Home Equity Loan Originations Decline in Fourth Quarter
Even with a 9.0% decline during the fourth quarter, production of home equity loans in 2025 was up 25.1% on an annual basis. Both depositories and nonbanks had a hand in boosting production. (Includes three data tables.)
Inside Nonconforming Markets
ARM Production Bounces Back in Fourth Quarter
An estimated $94.00 billion of adjustable-rate mortgages were originated in the fourth quarter, up 20.5% from the third quarter. For the full year, volume shot up 44.7% to an estimated $298.00 billion. (Includes data table.)
Inside MBS & ABS
Kroll Stays Ahead in MBS, Fitch Gains Ground in ABS
S&P was the top ABS rating service in the fourth quarter and finished narrowly behind Fitch for all of 2025. Kroll held the top spot in MBS ratings for the year despite a strong challenge from Fitch. (Includes two data tables.)
Inside the CFPB
CFPB at Center of Reforms to Promote Mortgage Lending
A new executive order from President Trump aimed at increasing access to mortgage credit calls for changes to several of the CFPB’s mortgage rules and regulations.
Inside The GSEs
Profits Sag at FHLBanks in Fourth Quarter
Profits declined at 10 of the 11 FHLBanks in the fourth quarter. Only FHLB Atlanta increased net income during the period. (Includes three data tables.)
Inside FHA/VA Lending
Correspondent Share of FHA, VA Lending Increases in 2025
Among a large group of lenders, the correspondent channel accounted for a 38.0% share of government-insured originations in 2025, up from a 34.5% share in 2024. (Includes data table.)

Inside The GSEs

Profits Sag at FHLBanks in Fourth Quarter
Profits declined at 10 of the 11 FHLBanks in the fourth quarter. Only FHLB Atlanta increased net income during the period. (Includes three data tables.)
No End in Sight for GSE Conservatorship
Analysts are increasingly skeptical that the Trump administration will follow through on plans to recapitalize and release the GSEs. Some seek broader reform.
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?