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Republicans in House Aim to Reduce Regulations for Housing
December 4, 2025
Republicans in the House plan to reduce regulations to improve housing affordability.
Warren Pushes Back on CFPB’s ECOA Proposal
December 4, 2025
Sen. Elizabeth Warren, D-MA, said there’s a possibility that Congress will use the Congressional Review Act to overturn the proposal if it’s finalized.
Jumbo Servicing Volume Shrinks in Third Quarter
December 4, 2025
Eighteen of the 30 servicers had decreases in jumbo servicing from the second quarter to the third.
Trade Groups Reiterate Call for Long-Term NFIP Funding
December 4, 2025
The groups suggested pairing long-term funding for the National Flood Insurance Program with reforms to the program.

ABS
Bank ABS Holdings Decline in 3Q25, Auto Portfolios Grow
TD Bank, the largest bank investor in ABS, increased its portfolio significantly in the third quarter, but most of its peers reported declines. (Includes two data tables.)
Originations
Lending Slows Across Products in Third Quarter
Lending was down slightly across products in the third quarter. UWM remained the largest conventional-conforming producer and moved into the top spot among originators of government-insured loans. (Includes two data tables.)
Servicing
SPS Tops Non-Agency MBS Servicing in Third Quarter
Total non-agency mortgage-backed securities servicing volume increased by 12.9% during the third quarter, with nearly $34 billion of non-agency MBS servicing assigned. (Includes data table.)
Investors
As Big Banks Shuffle Cards, Industry MBS Hold Steady
Banks increased their holdings of agency MBS during the third quarter, although investment in Ginnie Mae pass-throughs fell. The industry also pulled back a bit from non-agency MBS. (Includes two data tables.)
Issuance
Second-Level Agency MBS Issuance Rises in 3Q25
Formation of GSE Supers securities returned to more normal levels, equaling roughly 56% of Freddie/Fannie uniform MBS production in the third quarter. Ginnie set the pace in agency REMIC issuance. (Includes two data tables.)
Mortgage Insurance
Private MI Gains in Third Quarter, Defaults on the Rise
Government-insured production declined slightly during the third quarter, while new business for private mortgage insurers was up 3.8%. (Includes four data tables.)

Inside Mortgage Finance

Broker Channel Regains Some Share in Third Quarter
Among the three origination channels, only broker production increased during the third quarter. The broker share of originations neared 20% again during the quarter. (Includes six data tables.)
MBA Faces Pushback on Tri-Merge Shift
The MBA continues to argue that the credit scores provided by Equifax, Experian and TransUnion are now so similar that lenders shouldn’t be required to pull all three. Credit bureaus disagree.
- Small Boost to GSE Loan Limits in 2026; Home Price Outlook Flat
- Lenders Offer Promotions to Boost Originations in Winter
More Inside Mortgage Finance

Inside MBS & ABS

Refis Lift Agency MBS to Three-Year High in November
December 4, 2025
The gain in November agency MBS issuance came from another rise in rate-term refinance securitization. United Wholesale Mortgage, Rocket and Pennymac remained the top three agency sellers despite declines in monthly volume. (Includes two data tables.)
Industry Backs SEC Effort to Revise MBS, ABS Disclosures
December 4, 2025
The Securities and Exchange Commission received 31 comments in response to a concept release that sought feedback on revisions to disclosure requirements for publicly-registered securitizations.
CFTC Provides No-Action Letter Tied to Bank CRT
December 4, 2025
CFTC Provides No-Action Letter Tied to Bank CRTThe move reduces some regulatory ambiguity for banks that issue certain credit-risk transfer transactions.
Federal Reserve Ends Balance Sheet Reduction
December 4, 2025
Federal Reserve Ends Balance Sheet ReductionAfter 42 straight months of allowing its security holdings to run off, the Federal Reserve finally said “enough.” The central bank’s current balance sheet: $6.134 trillion.

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency Jumbo Originations Slow in Third Quarter
November 26, 2025
Originations of non-agency jumbo mortgages declined by 6.4% during the third quarter of 2025. (Includes data table.)
GSE Loan Limits to Increase by 3.3% in 2026
November 26, 2025
The baseline conforming loan limit for the government-sponsored enterprises will be $832,750 for one-unit properties in 2026.
Jumbo Servicing Volume Slightly Down in Third Quarter
November 26, 2025
The volume of jumbo mortgages that 30 major servicers handle declined by 0.6% during the third quarter of 2025. (Includes data table.)
Rocket Offering DSCR Mortgages
November 26, 2025
The non-agency product has gone from a niche offering to mainstream, with Rocket becoming the latest prominent lender to offer DSCR loans.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Nonbanks Post Small Drop in Mortgage-Banking Income
November 21, 2025
Despite lackluster new origination volume in the third quarter, most nonbanks reported solid gains in production-related income. Many of them needed it to offset sharp declines in servicing income. (Includes data table.)
Bank MSR Portfolios Shrink Slightly, Valuation Strong
November 21, 2025
FDIC-insured banks saw their MSR portfolios shrink 1.0% during the third quarter as their valuations remained broadly unchanged. Chase continued to be the top depository in terms of servicing for others. (Includes data table.)
Servicers Supportive of Pennymac on MSR Accounting
November 21, 2025
Pennymac asked the Financial Accounting Standards Board to clarify accounting practices involving mortgage servicing rights and recapture assumptions. The effort has support from some major MSR buyers who are looking for a level playing field.
Mortgage Aggregators Drive eNote Uptake
November 21, 2025
More large aggregators adopted eNotes this year, pushing up the share of closings completed digitally.

More Inside Mortgage Trends

Inside FHA/VA Lending

Refi Share of VA Volume Declines in Third Quarter
The refinance share of VA loan endorsements shrank in the third quarter, despite falling interest rates. (Includes two data tables.)
Senate Banking Committee Advances FHA, Ginnie Nominees
Joseph Gormley and Frank Cassidy, the individuals nominated to lead Ginnie Mae and FHA, respectively, maintained support for actions taken by the agencies this year in responses to the committee.
Budget Bridge Made Technical Fixes to VA Partial Claims
The continuing appropriations law included some edits to the partial claim loss-mitigation program under development for VA mortgages.
USMI Floats Tightening FHA Capital Requirements
The U.S. Mortgage Insurers argued the FHA Mutual Mortgage Insurance Fund is vulnerable to a severe economic downturn, and suggested it be held to the same standards as the government-sponsored enterprises.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Nonbanks Post Small Drop in Mortgage-Banking Income
Despite lackluster new origination volume in the third quarter, most nonbanks reported solid gains in production-related income. Many of them needed it to offset sharp declines in servicing income. (Includes data table.)
Inside Mortgage Finance
Broker Channel Regains Some Share in Third Quarter
Among the three origination channels, only broker production increased during the third quarter. The broker share of originations neared 20% again during the quarter. (Includes six data tables.)
Inside Nonconforming Markets
Non-Agency Jumbo Originations Slow in Third Quarter
Originations of non-agency jumbo mortgages declined by 6.4% during the third quarter of 2025. (Includes data table.)
Inside MBS & ABS
Refis Lift Agency MBS to Three-Year High in November
The gain in November agency MBS issuance came from another rise in rate-term refinance securitization. United Wholesale Mortgage, Rocket and Pennymac remained the top three agency sellers despite declines in monthly volume. (Includes two data tables.)
Inside the CFPB
CFPB Set to Run Out of Funds by Early 2026
In recent court filings, the CFPB cited a memo from the Department of Justice that said the Federal Reserve currently lacks “combined earnings” from which the bureau can draw.
Inside The GSEs
FHLBank Profits Up Despite Declining Advances
Outstanding advances for the FHLBank system fell to $693.48 billion in the third quarter from $742.85 billion in the second. Still, the 11 FHLBanks’ combined profits were up almost 10%. (Includes three data tables.)
Inside FHA/VA Lending
Refi Share of VA Volume Declines in Third Quarter
The refinance share of VA loan endorsements shrank in the third quarter, despite falling interest rates. (Includes two data tables.)

Inside The GSEs

FHLBank Profits Up Despite Declining Advances
Outstanding advances for the FHLBank system fell to $693.48 billion in the third quarter from $742.85 billion in the second. Still, the 11 FHLBanks’ combined profits were up almost 10%. (Includes three data tables.)
Leadership Turnover at Fannie Followed Issues With Pulte
Fannie executives were forced out after investigating evidence of potential wrongdoing by FHFA Director Bill Pulte, sources say.
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?