Latest News

Retail Share of Nonconforming Lending Declines in 1Q
July 3, 2025
Both the correspondent and broker channels increased their market share recently.
Fannie Sets BSA-Like Requirements for Mortgage Companies
July 3, 2025
For mortgage companies not currently subject to the BSA’s anti-money laundering reporting requirements, Fannie will implement requirements of its own.
Some Bipartisan Support for Home-Rehab Tax Credit
July 3, 2025
The tax credit would cover the difference between the cost of rehabilitation and the price the property fetches in a sale to a buyer with an income well below the area median.
AEI Analysts Propose New Path to Federal Land Sales
July 3, 2025
The analysts suggested that President Trump could issue an executive order directing the secretary of the Interior to auction as much as 180 square miles of federal land.

Channels
Retail Share of Originations Slips Across Loan Types
The retail channel lost market share in conventional-conforming, government-insured and nonconforming originations in the first quarter of 2025. (Includes two data tables.)
Earnings
Bank Retail Originations and Loan Sales Decline in 1Q25
Although mortgage production and loan sales fell in the first quarter of 2025, banks and thrifts saw a significant increase in income from mortgage-banking operations. (Includes two data tables.)
Repurchases
Repurchases By Banks Decline in First Quarter
Some 82 banks and thrifts completed repurchases and indemnifications of residential mortgages during the first quarter of 2025. Repurchase volume was down 16.3% compared with the previous quarter. (Includes data table.)
Buybacks
GSE Seller Buybacks Ease in 1Q, Unresolved Claims Up
Seller buybacks of defective loans declined in the first quarter of 2025, and the GSEs also reported an increase in withdrawn claims. The pipeline of unresolved cases was up. (Includes three data tables.)
Ginnie Mae Issuance
Ginnie Issuance Strengthens in May, Refinances Lead
Issuance of both purchase mortgages and refinances increased last month, with refi volume hitting its highest level since November. Most Ginnie issuers in the top 10 beat the overall monthly growth. (Includes two data tables.)
Portfolios
Bank Mortgage Holdings Tad Down in First Quarter
Banks and thrifts have largely added to their overall holdings of residential first liens each quarter dating back to 2021. The decline seen in the first quarter of 2025 included a sharp drop in ARMs. (Includes data table.)

Inside Mortgage Finance

Home Equity Loan Originations Steady in First Quarter
Originations of new HELOC commitments and closed-end second liens ticked up by 2.1% in the first quarter of 2025 compared with the previous quarter. Bank of America lost its spot as the top HEL lender. (Includes three data tables.)
The Mortgage M&A Game: Who’s Next?
Whole-company M&A deals are becoming more prevalent, but if the Federal Reserve suddenly cuts rates, the outlook could change.
- Large Lenders, Nonbanks Increase Market Share in 1Q
- Planned Cut to CFPB Fed Funding Thwarted
More Inside Mortgage Finance

Inside MBS & ABS

Fitch Leads in Rating 1Q25 ABS, Kroll Tops in RMBS
June 26, 2025
The boom in ABS backed by vehicle and business finance mostly helped the big-three rating services, but Kroll and Morningstar remained major players in rating non-agency MBS. (Includes two data tables.)
FHFA Changes to CSS May Enable Public Utility Plans
June 26, 2025
Changes to Common Securitization Solutions, including being renamed U.S. Financial Technology, appear to set the company up to serve additional secondary mortgage market participants.
Securitization Rate Increasing for Residential Mortgages
June 26, 2025
A growing share of residential mortgages originated during the first quarter of 2025 flowed into MBS. Some of the shift looks to be tied to a decline in demand for mortgages at banks. (Includes data table.)
Bank Regulator Proposal Could Boost Ginnie Holdings
June 26, 2025
Banking regulators proposed modifying the enhanced supplementary leverage ratio that applies to large banks. If implemented, it could lead to the banks to increase their holdings of Ginnie Mae MBS.

More Inside MBS & ABS

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Inside Nonconforming Markets

Retail Channel Loses Share in Nonconforming Market
June 27, 2025
Retail lending among lenders in the analysis declined sharply during the first quarter while the correspondent and broker channels posted more modest declines in nonconforming production. (Includes two data tables.)
Non-QM MBS Withstanding Rising Delinquencies
June 27, 2025
Delinquencies on securitized non-qualified mortgages have increased but MBS investors have largely avoided losses to this point thanks to structural protections and improved underwriting.
Mixed Trends for ARM Originations in Early 2025
June 27, 2025
ARMs accounted for 12.1% of total residential mortgage originations in the first quarter of 2025, down more than a full percentage point compared with the previous quarter. Still, production of the loans was up from the first quarter of 2024. (Includes data table.)
Non-QM Lenders Leaning on Tech to Speed Originations
June 27, 2025
Non-qualified mortgages require extensive manual processes, but technology is now helping streamline originations.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Purchase-Mortgage Volume Strong at FHA, VA in 2Q
July 3, 2025
FHA and VA purchase-mortgage volume increased by nearly 30% in the second quarter of 2025 compared with the previous quarter. GSE mortgages with private MI and agency purchase mortgages without primary MI lagged behind. (Includes two data tables.)
Pulte Order Adds Crypto to the Mortgage Equation
July 3, 2025
The FHFA director last week directed Fannie Mae and Freddie Mac to figure out how to use cryptocurrency in the mortgage underwriting process.
GSE Purchase Mortgages Shift to Higher Scores in 2Q
July 3, 2025
The share of GSE purchase mortgages with credit scores of at least 740 increased from 73.8% in the first quarter of 2025 to 74.6% in the second quarter. A similar trend was seen in GSE refi business. (Includes two data tables.)
Mortgage Tech Platform Pauses as Investors Bail
July 3, 2025
RealKey, an automated loan processing platform, paused operations at the end of May. The startup’s CEO said the investment community has shied away from the mortgage tech space.

More Inside Mortgage Trends

Inside FHA/VA Lending

VA Originations Down in 1Q as Refi Activity Falls Hard
Refi activity in the VA market cooled during the first quarter of 2025 and purchase-mortgage volume was also down. (Includes two data tables.)
Correspondent Channel Gains Share in Government Market
The volume of government-insured loans originated through the correspondent channel increased 10.6% on a quarterly basis in the first quarter, while retail and broker originations shrank. (Includes data table.)
HUD Director Promises More Deregulation
HUD Secretary Scott Turner promised continued deregulatory efforts at the agency.
Servicers Losing Money Under HUD CWCOT Practice
Servicers may be required to overspend in auctions under HUD’s claims without conveyance of title program, according to the Mortgage Bankers Association.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Purchase-Mortgage Volume Strong at FHA, VA in 2Q
FHA and VA purchase-mortgage volume increased by nearly 30% in the second quarter of 2025 compared with the previous quarter. GSE mortgages with private MI and agency purchase mortgages without primary MI lagged behind. (Includes two data tables.)
Inside Mortgage Finance
Home Equity Loan Originations Steady in First Quarter
Originations of new HELOC commitments and closed-end second liens ticked up by 2.1% in the first quarter of 2025 compared with the previous quarter. Bank of America lost its spot as the top HEL lender. (Includes three data tables.)
Inside Nonconforming Markets
Retail Channel Loses Share in Nonconforming Market
Retail lending among lenders in the analysis declined sharply during the first quarter while the correspondent and broker channels posted more modest declines in nonconforming production. (Includes two data tables.)
Inside MBS & ABS
Fitch Leads in Rating 1Q25 ABS, Kroll Tops in RMBS
The boom in ABS backed by vehicle and business finance mostly helped the big-three rating services, but Kroll and Morningstar remained major players in rating non-agency MBS. (Includes two data tables.)
Inside the CFPB
Republicans Face Setback in Zeroing Out CFPB Funding
The Senate parliamentarian has advised Republicans that they cannot use the budget reconciliation process to eliminate the CFPB’s funding from the Federal Reserve.
Inside The GSEs
Large Nonbanks Increase Share in GSE Market
The only banks among the top 10 GSE sellers in the first half of 2025 were Chase Home Finance and AmeriHome Mortgage. (Includes two data tables.)
Inside FHA/VA Lending
VA Originations Down in 1Q as Refi Activity Falls Hard
Refi activity in the VA market cooled during the first quarter of 2025 and purchase-mortgage volume was also down. (Includes two data tables.)

Inside The GSEs

Large Nonbanks Increase Share in GSE Market
The only banks among the top 10 GSE sellers in the first half of 2025 were Chase Home Finance and AmeriHome Mortgage. (Includes two data tables.)
Pulte Declares War on Fed Chair Powell
The FHFA director’s social media posts echo President Trump’s criticism of the chair of the Federal Reserve for not lowering rates quickly enough.
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?