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Primary MI Volume Declines in 1Q
May 15, 2026
Arch Mortgage Insurance sprinted to the lead among private MIs with $14.81 billion in NIW for the first quarter. The company was the only PMI to increase production from the previous three-month period.
Delinquencies on the Rise to Start 2026
May 15, 2026
The spread between conventional loans and FHA and VA loans last quarter were at their widest margins since 2021, according to the Mortgage Bankers Association’s National Delinquency Survey.
Clean-Up Calls on Non-Agency MBS on the Rise
May 15, 2026
Analysts at Goldman Sachs noted in a recent report that issuers who move forward with a clean-up can see improved economics by issuing new deals with seasoned mortgages.
First-Time Homebuyers Open to 50-Year Mortgage
May 15, 2026
Some 74% of first-time homebuyers would consider using a 50-year mortgage, according to a recent survey by TD Bank.

Earnings
Banks Report Slight Drop in Mortgage-Banking Income
While new production volume was generally sluggish in the first quarter of this year, several banks reported higher gain-on-sale margins and better MSR hedging results. (Includes data table.)
Channels
Retail Lenders Boosted by Rising Refis
Deliveries of retail mortgages to the agencies were boosted by an increase in refinances in the wake of lower mortgage rates in the first quarter of 2026. (Includes two data tables.)
Earnings
Fannie and Freddie Earnings on Different Trajectories
Fannie Mae’s net interest income has barely changed over the past 13 quarters, while Freddie Mac’s has increased slightly in all but one of those quarters. (Includes data table.)
Agency MBS
Agency MBS Issuance Hits Four-Year High in April
Rocket Mortgage was the top seller-issuer in April thanks to a 24% jump in monthly volume, while UWM slipped to second place. Newrez, Chase and Onity all posted big gains from March. (Includes two data tables.)
Servicing
Largest Servicers Lose Some Market Share in 1Q
As a group, the five largest firms in terms of owned servicing lost market share during the first quarter of 2026. Much of the decline was due to Rocket Mortgage, the largest servicer in the industry. (Includes three data tables.)
Government-Insured Servicing
Mixed Trends for Largest Ginnie Servicers in 1Q
Some of the largest servicers of loans in Ginnie Mae mortgage-backed securities saw portfolios shrink in the first quarter, according to a new ranking and analysis by Inside FHA/VA Lending. (Includes four data tables.)

Inside Mortgage Finance

Primary MI Volume Down in 1Q26, Govt Share Edges Up
A boost in primary MI for refinance loans helped offset an across-the-board downturn in new coverage for purchase loans. Private MI earnings look to be on cruise control. (Includes four data tables.)
Demand for MSRs Still Strong Across Coupons
MSR investors continue to offer strong bids for both low-coupon and current-coupon assets. Some MSR owners are also adjusting their risk tolerance as volatility in the financial markets has been constant during the Trump administration.
- Lenders Brace for Spring Homebuying Flop
- Borrower Retention Rate Declines in First Quarter
More Inside Mortgage Finance

Inside MBS & ABS

CMBS Issuance Stumbles in 1Q as Agency Sags
May 14, 2026
Issuance of non-agency CMBS was up 13% from the fourth quarter to $41 billion, including big gains in retail, office and multifamily. But agency multifamily MBS production fell 22%. (Includes two data tables.)
Onity Cuts Size of MSR Deal With FoA on Ginnie Direction
May 14, 2026
Onity revised the terms of its sale of home equity conversion mortgage servicing rights to Finance of America Reverse after receiving feedback from Ginnie Mae.
GSEs Increase CRT Issuance in 1Q Despite Headwinds
May 14, 2026
Fannie Mae and Freddie Mac each issued two CRT transactions during the first quarter of 2026, including deals in March amid broader economic volatility. (Includes data table.)
Issuers Filling Non-Agency MBS With Called Loans
May 14, 2026
Non-agency MBS stocked with loans called from previous issuance could provide attractive opportunities for investors, according to Goldman Sachs.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

GSE-Eligible Loans, Refis Fuel Prime Non-Agency MBS
May 8, 2026
Issuance of prime non-agency mortgage-backed securities increased by 17.0% on a quarterly basis in the first quarter of 2026. (Includes three data tables.)
Redwood Takes Loss in 1Q Amid Record Volume
May 8, 2026
Redwood incurred a $5.5 million loss in the first quarter of 2026 even as mortgage-banking volume hit a record for the company.
Jumbo Correspondent Sellers Shift Strategies in 2025
May 8, 2026
Correspondent sales of jumbo mortgages increased by 39.7% on an annual basis in 2025. (Includes two data tables.)
Pennymac REIT’s Income Drops in First Quarter
May 8, 2026
Income at Pennymac Mortgage Investment Trust declined by more than 50% in the first quarter of 2026 as the real estate investment trust put an emphasis on non-agency activity.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Nonbanks See Rebound in Mortgage-Banking Income
May 15, 2026
Most of the overall increase in nonbank mortgage-banking income in the first quarter of 2026 came from Rithm Capital, which saw a big improvement on the servicing side. (Includes data table.)
Servicers Offer Candid View on Benefits of AI
May 15, 2026
AI won’t necessarily reduce costs for servicers, but the technology can improve processes and borrower retention, according to industry participants.
Rate Tops Correspondent Sellers in 2025
May 15, 2026
Rate emerged as the top correspondent seller in 2025, delivering $18.58 billion of mortgages to unaffiliated non-agency buyers, a sharp 36.4% increase on an annual basis. (Includes data table.)
Mortgage Connect Noncompete Clause Ruled Unenforceable
May 15, 2026
A Pennsylvania judge said Mortgage Connect’s complaint failed to meet the burden of proof for a clear right to relief in a case that involved a former employee’s noncompete clause.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Issuance Up Across the Board in April
Issuance of loans to Ginnie Mae mortgage-backed securities hit a four-year peak in April, marked by strong refinance volume and rising activity involving loan modifications. (Includes two data tables.)
High-LTV-Ratio Borrowers Struggle to Compete
Young homebuyers using low- to zero-downpayment loans, usually government-insured loans, can’t compete with cash buyers for single-family homes.
Correspondent Sales Choppy Among Lenders in 2025
Many top correspondent sellers of government loans increased sales by the double-digits in 2025 compared to 2024, while top seller Veterans United saw a decline. (Includes data table.)
Industry Groups Call for VA to Reform Appraisals
Trade groups representing lenders want VA to align its appraisal standards with other government agencies and clarify minimum property requirements.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Nonbanks See Rebound in Mortgage-Banking Income
Most of the overall increase in nonbank mortgage-banking income in the first quarter of 2026 came from Rithm Capital, which saw a big improvement on the servicing side. (Includes data table.)
Inside Mortgage Finance
Primary MI Volume Down in 1Q26, Govt Share Edges Up
A boost in primary MI for refinance loans helped offset an across-the-board downturn in new coverage for purchase loans. Private MI earnings look to be on cruise control. (Includes four data tables.)
Inside Nonconforming Markets
GSE-Eligible Loans, Refis Fuel Prime Non-Agency MBS
Issuance of prime non-agency mortgage-backed securities increased by 17.0% on a quarterly basis in the first quarter of 2026. (Includes three data tables.)
Inside MBS & ABS
CMBS Issuance Stumbles in 1Q as Agency Sags
Issuance of non-agency CMBS was up 13% from the fourth quarter to $41 billion, including big gains in retail, office and multifamily. But agency multifamily MBS production fell 22%. (Includes two data tables.)
Inside the CFPB
Student Loan Complaints to CFPB Spike in First Quarter
Consumer complaints filed with the CFPB increased across all categories during the first quarter. Issues with student loans were up 34.1% from the fourth quarter. (Includes two data tables.)
Inside The GSEs
GSE Deliveries Increase in April, Credit Box Tightens
Single-family MBS issuance by Fannie Mae and Freddie Mac increased by 8.5% from March to April. Lenders boosted their deliveries without compromising on underwriting standards for purchase mortgages. (Includes two data tables.)
Inside FHA/VA Lending
Ginnie Issuance Up Across the Board in April
Issuance of loans to Ginnie Mae mortgage-backed securities hit a four-year peak in April, marked by strong refinance volume and rising activity involving loan modifications. (Includes two data tables.)

Inside The GSEs

GSE Deliveries Increase in April, Credit Box Tightens
Single-family MBS issuance by Fannie Mae and Freddie Mac increased by 8.5% from March to April. Lenders boosted their deliveries without compromising on underwriting standards for purchase mortgages. (Includes two data tables.)
Lenders, Investors Wait for Historical FICO 10T Data
Both VantageScore and FICO have commissioned research to support their claims of superiority. But the truth probably won’t be known until VantageScore 4.0 and FICO 10T compete head-to-head.
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?