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Production in First Quarter of 2025 Above 2024 Level
April 25, 2025
An estimated $355.0 billion of mortgages were originated in the first quarter of 2025, up 10.9% from the same period a year ago.
Income Plummets at Rithm’s Mortgage Unit in First Quarter
April 25, 2025
Much of the swing was tied to a decline in the value of mortgage servicing rights.
Losses Pile Up at PlainsCapital Bank’s PrimeLending
April 25, 2025
PrimeLending took an $8.3 million pre-tax loss in the first quarter of 2025.
Agency MBS REITs Lean on Liquidity Amid Volatility
April 25, 2025
“We were able to navigate that by basically just doing nothing and allowing the market to sort of go through what it had to go through,” said Peter Federico, president, CEO and chief investment officer of AGNC Investment.

Agency MBS
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.)
Servicing
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.)
Servicing
Delinquency Rate on Agency MBS Down in First Quarter
In a seasonal trend seen each of the past five years, the delinquency rate declined on securitized government-sponsored enterprise loans, FHA mortgages and Department of Veterans Affairs home loans. (Includes data table.)
Non-Agency MBS
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.)
Servicing
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.)
Ginnie Mae Issuance
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 Mortgage Finance

Originations in First Quarter of 2025 Outpace 2024
Residential lending increased by 10.9% compared with the first quarter of 2024. Interest rates on mortgages jumped this month, hampering production early in the second quarter. (Includes two data tables.)
Ohio AG Sues UWM Alleging Collusion With Brokers
Ohio Attorney General Dave Yost has sued United Wholesale Mortgage for allegedly colluding with brokers to push borrowers into higher-priced mortgages. UWM denied the allegations, noting that it’s not illegal for a broker to send most or all of its business to one lender.
- Federal Judge Blocks Reduction-in-Force at CFPB
- FHFA’s Pulte Pushes Fraud Crackdown at Fannie, Freddie
More Inside Mortgage Finance

Inside MBS & ABS

New ABS Issuance Rallies in 1Q25 as Tariff Winds Blow
April 24, 2025
Hefty increases in vehicle loans and business finance boosted ABS issuance to $94 billion in the first quarter, an 82% gain from the prior period. GM Financial was the top ABS issuer, while Bank of America ranked first in underwriting. (Includes three data tables.)
Agency MBS REITs Tout Liquidity to Weather Volatility
April 24, 2025
AGNC watched as volatility rocked the agency MBS market this month. The REIT counted on its cash and liquidity to avoid selling assets at a loss. Other REITs also survived unscathed.
Tariff Volatility Differs From COVID Moves for Mortgages
April 24, 2025
During the early days of the pandemic, mortgage rates dropped, reducing the value of mortgage servicing rights. This month, while tariff-related volatility prompted spreads on agency MBS to widen, lenders selling loans were helped by rising rates, which increase the value of MSRs.
MBS Trading Inches Up in March
April 24, 2025
MBS trading increased in March, but not dramatically. Still, concerns persist, including Treasury yields bucking historical norms. Ginnie Mae delinquencies are also an issue.

More Inside MBS & ABS

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Inside Nonconforming Markets

CrossCountry Maintains Lead in Expanded-Credit MBS
April 18, 2025
Loans originated by CrossCountry Mortgage accounted for $942.1 million of mortgages in expanded-credit MBS issued in the first quarter of 2025. Annaly Capital Management’s Onslow Bay unit remained the largest issuer of expanded-credit MBS. (Includes three data tables.)
Bidders for Non-QMs Return, Cautiously
April 18, 2025
The tariff war blew a hole in non-QM profits last week, but a turnaround is underway.
Non-Agency Boost an Option With GSE Reform
April 18, 2025
Proponents of the non-agency market see GSE reform as an opportunity to take steps to increase the non-agency share of activity in the secondary market. The Trump administration’s plans for the secondary market remain unclear.
Maryland Legislature Cleans Up MBS Licensing Mess
April 18, 2025
A new bill sets exemptions for secondary market participants after a state regulator established deeply unpopular licensing requirements at the beginning of the year.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Mixed Trends in Primary MI Volume in First Quarter
April 25, 2025
In the purchase-mortgage market, private MIs lost some share compared with the fourth quarter of 2024. Though the private MI share was up compared with the first quarter of 2024. (Includes two data tables.)
GSE Refi Characteristics Shift in First Quarter
April 25, 2025
Refi business moved toward lower LTV ratios and lower credit scores in the first quarter. Characteristics for purchase mortgages held steady compared with the fourth quarter of 2024. (Includes two data tables.)
Servicing Drags Down Income at PennyMac, Mr. Cooper
April 25, 2025
The nonbanks took negative marks on their large holdings of mortgage servicing rights as hedges didn’t fully offset a decline in interest rates on mortgages during the first quarter.
Florida Bank Retreats on Mortgage Lending, Goes Local
April 25, 2025
Amerant Bank launched national mortgage operations in 2021. Now, the bank is reducing its footprint, focusing on lending in Florida where its bank branches are located.

More Inside Mortgage Trends

Inside FHA/VA Lending

FHA Delinquencies Fall in 1Q, Remain Historically High
Total delinquencies on FHA loans in Ginnie Mae MBS dipped at the beginning of 2025 but remained high compared to previous years. (Includes four data tables.)
HUD Puts Two-Year Cap on Loss-Mit Options
FHA announced sweeping loss-mitigation changes this week, including limiting borrowers to take one loss-mitigation option every two years, rather than a planned 18-month restriction.
Prospects Uncertain for VA Loss Mitigation
The timeline and likeliness of the implementation of a partial claims program are hazy as the Department of Veterans Affairs gears up to end its last-resort home-retention option on May 1.
TCB v. Ginnie Ruling Effects to Ripple
The outcome of a judge’s ruling in Ginnie Mae’s favor over its seizure of collateral from Texas Capital Bank could make warehouse lenders wary of helping lenders facing liquidity issues, or of lending to reverse-mortgage originators at all, industry participants warn.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Mixed Trends in Primary MI Volume in First Quarter
In the purchase-mortgage market, private MIs lost some share compared with the fourth quarter of 2024. Though the private MI share was up compared with the first quarter of 2024. (Includes two data tables.)
Inside Mortgage Finance
Originations in First Quarter of 2025 Outpace 2024
Residential lending increased by 10.9% compared with the first quarter of 2024. Interest rates on mortgages jumped this month, hampering production early in the second quarter. (Includes two data tables.)
Inside Nonconforming Markets
CrossCountry Maintains Lead in Expanded-Credit MBS
Loans originated by CrossCountry Mortgage accounted for $942.1 million of mortgages in expanded-credit MBS issued in the first quarter of 2025. Annaly Capital Management’s Onslow Bay unit remained the largest issuer of expanded-credit MBS. (Includes three data tables.)
Inside MBS & ABS
New ABS Issuance Rallies in 1Q25 as Tariff Winds Blow
Hefty increases in vehicle loans and business finance boosted ABS issuance to $94 billion in the first quarter, an 82% gain from the prior period. GM Financial was the top ABS issuer, while Bank of America ranked first in underwriting. (Includes three data tables.)
Inside the CFPB
Management of CFPB Less Fettered Under Latest Court Order
The new preliminary injunction allows for the Trump administration to fire CFPB employees and issue a reduction-in-force to employees, as long as the administration abides by certain provisions.
Inside The GSEs
Largest GSE Servicers Lose Market Share in First Quarter
Chase Home Financial remained the largest GSE servicer with a portfolio of $589.62 billion at the end of March. But Mr. Cooper came in a close second. (Includes two data tables.)
Inside FHA/VA Lending
FHA Delinquencies Fall in 1Q, Remain Historically High
Total delinquencies on FHA loans in Ginnie Mae MBS dipped at the beginning of 2025 but remained high compared to previous years. (Includes four data tables.)

Inside The GSEs

Largest GSE Servicers Lose Market Share in First Quarter
Chase Home Financial remained the largest GSE servicer with a portfolio of $589.62 billion at the end of March. But Mr. Cooper came in a close second. (Includes two data tables.)
Bill Ackman Details Quick Way to End GSEs’ Conservatorship
Like most GSE reform plans, the hedge funder’s plan to privatize Fannie and Freddie starts with Treasury writing down its senior preferred shares and FHFA sharply reducing the capital requirements for the GSEs.
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?