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Fitch Loses Share in Non-Agency MBS Market
April 3, 2025
Four rating services gained on Fitch in 2024 in terms of rating share for non-agency MBS issuance.
loanDepot to Issue Revolving Warehouse Securitization
April 3, 2025
It will be the 11th issuance of its type by loanDepot.
Republicans in House Consider Reforms for CFPB
April 3, 2025
A hearing by a subcommittee of the House Financial Services Committee included consideration of 10 bills, some of which would drastically alter the CFPB’s practices.
Lenders Seek Changes to FHFA’s Credit Score Effort
April 3, 2025
Among other requests, the coalition of lender trade groups wants FHFA to conduct a cost/benefit analysis of the initiative.

Ratings
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.
Non-Agency MBS
MBS Share of Non-Agency Deliveries Up in 2024
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.)
Originations
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.)
Funding
Green Shoots for Warehouse Financiers in Fourth Quarter
Warehouse commitment levels are on the rise, a sign — perhaps — of better days ahead. Meanwhile, JPMorgan continues to dominate the space. (Includes data table.)
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.)

Inside Mortgage Finance

Agency Single-Family MBS Market Tanks in Early 2025
Agency refinance volume was down sharply in the first quarter but it got off to a faster start than in early 2024. Most measures of agency volume were down, but the share of higher-risk loans was trending higher. (Includes two data tables.)
Rocket and Mr. Cooper — It’s All About the MSR
Origination giant Rocket is purchasing servicing behemoth Mr. Cooper at a premium. The biggest risk for Rocket is that mortgage rates might finally decline markedly in the coming quarters. Or is that an advantage?
- Talk: Onity Considering Sale as Offering Book Circulates
- Federal Judge Blocks Trump From Dismantling CFPB
More Inside Mortgage Finance

Inside MBS & ABS

Structured Finance Issuance Off to a Wobbly Start in 2025
April 3, 2025
Issuance of new residential MBS, commercial MBS and ABS in early 2025 declined about 9% from the fourth quarter, although most sectors were up compared to a year ago. Monthly trends in March were mixed. (Includes three data tables.)
Rocket, Mr. Cooper Deal Expected to Drive Prepayments Higher
April 3, 2025
Rocket is set to acquire Mr. Cooper, the second-largest servicer of loans in agency MBS. Rocket, which has a significantly high recapture rate, plans to boost retention efforts on Mr. Cooper’s portfolio.
Members of Congress Press Powell on Securitization
April 3, 2025
Reps. Ann Wagner, R-MO, and Brad Sherman, D-CA, raised concerns of the securitization industry with Federal Reserve Chair Jerome Powell. They aim to influence a proposal to implement changes to capital requirements for large banks.
Not Much Relief for High Mortgage Rates
April 3, 2025
The yield on the benchmark 10-year Treasury has fallen in recent weeks but primary mortgage rates haven’t moved in lockstep.

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
Agency Single-Family MBS Market Tanks in Early 2025
Agency refinance volume was down sharply in the first quarter but it got off to a faster start than in early 2024. Most measures of agency volume were down, but the share of higher-risk loans was trending higher. (Includes two 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
Structured Finance Issuance Off to a Wobbly Start in 2025
Issuance of new residential MBS, commercial MBS and ABS in early 2025 declined about 9% from the fourth quarter, although most sectors were up compared to a year ago. Monthly trends in March were mixed. (Includes three data tables.)
Inside the CFPB
Preliminary Injunction in NTEU Lawsuit Halts Trump
The injunction is in place until the court resolves the lawsuit brought by the NTEU. The Trump administration appealed the order.
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?