Latest News

Home Equity Lending Increases by 10.8% in 2024
March 28, 2025
The bulk of home equity lending remains in HELOCs by banks.
Sovereign Wealth Fund Could Maintain Government Guarantee of GSE MBS
March 28, 2025
An continued implicit guarantee would be welcomed by MBS investors.
Correspondents Regain FHA/VA Market Share in 4Q
March 28, 2025
Correspondent production made up 46.1% of the group’s government-insured volume in the fourth quarter.
Business-Purpose Lender Sachem Struggles in 2024
March 28, 2025
Sachem's expenses spiked in 2024, including a $26.9 million provision for credit losses on loans held for investment.

Sales
Freddie Tops Fannie Again With MBS Volume in February
So far this year, 53.9% of GSE deliveries went to Freddie Mac compared to 44.7% in the first two months of 2024. (Includes two data tables.)
Earnings
Nonbanks Win Big in 4Q24 MSR Valuation Sweepstakes
Mortgage-banking income reported by nonbank lenders nearly tripled in the fourth quarter to $3.86 billion. The gain came from massive markups of MSR values thanks to rising interest rates. (Includes data table.)
Channels
Wholesalers Gain Share in Conventional-Conforming Lending
Wholesale-broker originators boosted their market share in conventional-conforming mortgages in the fourth quarter. Correspondents regained some previously lost ground in FHA/VA lending while retail remained king of the nonconforming segment. (Includes two data tables.)
Non-Agency MBS
Non-Agency Market Paced 2024 Growth in MBS Supply
U.S. depository institutions remained key players supporting the MBS market, but their combined holdings declined in the fourth quarter. Mutual funds and life insurers picked up the slack. (Includes three data tables.)
Servicing
Ginnie MBS Drive Agency Servicing Volume in 2024
Loans in Ginnie Mae MBS accounted for 17.7% of total single-family mortgage servicing outstanding as of the end of 2024, up from a 17.0% share at the end of 2023. Nonbanks continue to gain share.
Servicing
Mr. Cooper Tops Cenlar in Subservicing Business
There’s a new market leader in the subservicing arena: Mr. Cooper. But with the OCC ready to lift sanctions against number-two-ranked Cenlar, a dog fight could be ahead.

Inside Mortgage Finance

Home Equity Lending Slows in Fourth Quarter
The amount of available home equity ticked down during the fourth quarter and lenders saw a fall in demand from homeowners for home equity loans. Still, for the full year, home equity lending increased by 10.8%. (Includes three data tables.)
Court Extends Temporary Order Blocking Federal Layoffs
A federal court judge this week extended a temporary order pausing mass layoffs at federal agencies, including at the CFPB and HUD, by five days.
- Green Shoots for Warehouse Financiers in Fourth Quarter
- Purchase-Mortgage Borrowers Face Obstacles at Key Time
More Inside Mortgage Finance

Inside MBS & ABS

Fitch Still Tops in RMBS, S&P Takes Crown in ABS
March 27, 2025
Fitch, Kroll and DBRS continued to dominate the business of rating non-agency MBS in 2024, but S&P and Moody’s remained heavy hitters in rating ABS.
MBS Share of Non-Agency Deliveries Up in 2024
March 27, 2025
The securitization rate for non-agency jumbo mortgages more than doubled on an annual basis in 2024. And the non-agency MBS share of originations of expanded-credit mortgages increased. (Includes data table.)
Experts Still Debating Government Guarantee of Agency MBS
March 27, 2025
Housing finance aficionados like the prospect of a GSE exit from conservatorship that includes the retention of the Treasury’s PSPA, especially if done in conjunction with a sovereign wealth fund.
Rithm Goes Big on MSR Securitizations
March 27, 2025
Rithm has once again used its servicing rights in a capital markets deal. Why haven’t other MSR owners followed its lead?

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Correspondents Regain Some Nonconforming Share in 4Q
March 21, 2025
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.
Velocity Sees Record Profits in 4Q
March 21, 2025
The lender is seeing strong demand from borrowers and the secondary market for non-agency business purpose loans.
ARM Lending, Market Share Increase in Fourth Quarter
March 21, 2025
Homebuilder Lennar and First-Citizens Bank & Trust posted strong increases in originations of adjustable-rate mortgages.
Originators Turn to Non-QMs Ahead of Economic Uncertainty
March 21, 2025
Loan originators are looking to bank statement and DSCR loans to boost production in a higher-for-longer interest rate environment, according to Tom Hutchens, president of Angel Oak Mortgage Solutions.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Wholesalers Gain Share in Conventional-Conforming Lending
March 28, 2025
Wholesale-broker originators boosted their market share in conventional-conforming mortgages in the fourth quarter. Correspondents regained some previously lost ground in FHA/VA lending while retail remained king of the nonconforming segment. (Includes two data tables.)
Servicing Bounces Back in 4Q24, Production Falters
March 28, 2025
Most lenders reported significant improvement in servicing profitability that was driven by MSR markups. But results varied greatly on the production side, where lenders that rely on TPO channels fared much better. (Includes data tables.)
Young Latinos Pick Up Homebuying Pace
March 28, 2025
Hispanics accounted for 35% of U.S. homeownership growth last year, the largest share of any racial or ethnic group, according to a new report from the National Association of Hispanic Real Estate Professionals.
Bank Retail Production, Loan Sales Slow in Fourth Quarter
March 28, 2025
The decline in retail origination at banks and thrifts came even as overall originations increased slightly from the third to the fourth quarter. (Includes two data tables.)

More Inside Mortgage Trends

Inside FHA/VA Lending

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.
Effects of HUD Staffing Cuts Elusive for FHA Lenders
FHA lending looks to be continuing uninterrupted amid recent staff cuts at HUD, though there are concerns about operations and oversight going forward.
Correspondents Recapture Government Lending Share
In the fourth quarter of 2024, correspondent aggregators regained FHA/VA market share previously lost to wholesale-brokers.
FHA Rescinds Biden-Era Anti-Bias Appraisal Policies
FHA walked back appraisal policies introduced during the Biden administration that had aimed to counter the effects of discrimination in property valuations.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Servicing Bounces Back in 4Q24, Production Falters
Most lenders reported significant improvement in servicing profitability that was driven by MSR markups. But results varied greatly on the production side, where lenders that rely on TPO channels fared much better. (Includes data tables.)
Inside Mortgage Finance
Home Equity Lending Slows in Fourth Quarter
The amount of available home equity ticked down during the fourth quarter and lenders saw a fall in demand from homeowners for home equity loans. Still, for the full year, home equity lending increased by 10.8%. (Includes three data tables.)
Inside Nonconforming Markets
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.
Inside MBS & ABS
Fitch Still Tops in RMBS, S&P Takes Crown in ABS
Fitch, Kroll and DBRS continued to dominate the business of rating non-agency MBS in 2024, but S&P and Moody’s remained heavy hitters in rating ABS.
Inside the CFPB
Freeze on CFPB Terminations Extended Amid Litigation
A U.S. district court convened a two-day hearing last week in the National Treasury Employees Union’s lawsuit aimed at stopping an effort by the Trump administration to greatly diminish the CFPB. The judge extended a freeze on contract terminations by the CFPB while contemplating a ruling on a preliminary injunction.
Inside The GSEs
Seller Repurchases Edge Up, Pending Pipeline Declines
Fannie reported a 3.6% increase in seller repurchases during the fourth quarter, while Freddie volume was essentially flat. For the year, lender buybacks were down 36% from 2023. (Includes three data tables.)
Inside FHA/VA Lending
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.

Inside The GSEs

Seller Repurchases Edge Up, Pending Pipeline Declines
Fannie reported a 3.6% increase in seller repurchases during the fourth quarter, while Freddie volume was essentially flat. For the year, lender buybacks were down 36% from 2023. (Includes three data tables.)
FHFA Rescinds Numerous Biden-Era Policies
FHFA under the leadership of Bill Pulte has rescinded, deleted or closed at least eight agency directives without providing notice on the agency’s website or announcing the changes in a press release.
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?