Latest News

Agency Purchase-Mortgage Business Holds Steady in Early 2026
April 10, 2026
Purchase-mortgage volume in agency MBS issued in the first quarter of 2026 was essentially flat compared with the first quarter of 2025.
Locks for Purchase Mortgages Increase in March
April 10, 2026
Locks for purchase mortgages increased by 22.9% on a monthly basis in March, according to Mortgage Capital Trading.
Investors Showing Strong Demand for Home Equity Loan Securitizations
April 10, 2026
“This combination of credit quality, yield and rate protection has drawn interest from asset managers, insurance companies and hedge funds,” said Adam Beeler, global head of strategic partnerships and new business development at Angel Oak Capital Advisors.
GSE Policies on Cryptocurrency Unchanged
April 10, 2026
Multiple GSE officials told Inside The GSEs that no changes have been made to their selling guides regarding crypto assets, even with a splashy planned mortgage product from Better Home & Finance.

Originations
ARM Production Bounces Back in Fourth Quarter
An estimated $94.00 billion of adjustable-rate mortgages were originated in the fourth quarter, up 20.5% from the third quarter. For the full year, volume shot up 44.7% to an estimated $298.00 billion. (Includes data table.)
Originations
Home Equity Loan Originations Decline in Fourth Quarter
Even with a 9.0% decline during the fourth quarter, production of home equity loans in 2025 was up 25.1% on an annual basis. Both depositories and nonbanks had a hand in boosting production. (Includes three data tables.)
Buybacks
GSE Seller Buybacks and Unresolved Claims Decline
Lenders repurchased just over $2 million in defective loans from GSE mortgage-backed securities in 2025, the lowest annual total since 2020. (Includes three data tables.)
Earnings
Profits Sag at FHLBanks in Fourth Quarter
Profits declined at 10 of the 11 FHLBanks in the fourth quarter. Only FHLB Atlanta increased net income during the period. (Includes three data tables.)
Profitability
Production vs Servicing Results Mixed in 4Q25
Earnings reports from public companies showed gains in production-related and servicing income during the fourth quarter, but the broader MBA performance study found declines on both sides of the business. (Includes data tables.)
Channels
Correspondents Retreat in 4Q as Brokers Forge Ahead
Wholesale and retail lenders expanded their mortgage production more than correspondent aggregators in the origination boomlet that took shape during the final quarter of 2025. (Includes two data tables.)

Inside Mortgage Finance

Purchase-Mortgage Volume Plods Along in Agency Market
Deliveries of purchase mortgages to agency MBS were essentially level in the first quarter of 2026 compared with the first quarter of 2025. Refi business remained elevated. (Includes two data tables.)
Trump Administration Scales Back Planned CFPB Cuts
The new proposed staffing plan could allow the CFPB to follow through with a series of directives issued by President Trump in March.
- Uncertainty Clouds Spring Homebuying Outlook
- Mortgage Brokers Spill the Beans on Credit Report Costs
More Inside Mortgage Finance

Inside MBS & ABS

Structured Finance Market Keeps Momentum Going
April 9, 2026
The residential MBS market could see slumping production as interest rates climb and the housing market softens. Non-mortgage ABS issuance started the year strong, while CMBS production declined. (Includes three data tables.)
Investor Interest in HEL MBS Mirrors Early Days of Non-QM
April 9, 2026
The rapid rise in investor interest for home equity loan securitizations has drawn parallels to the rise of non-QM MBS post the 2008 crisis.
Double Pledging Remains Major Concern for ABS Investors
April 9, 2026
Originator collateral misrepresentation and servicer reporting fraud also received a notable portion of votes for the most concerning schemes in a new survey from the Structured Finance Association.
Appeals Court Rules Some MBS Subject to ERISA Liability
April 9, 2026
Liability under ERISA for MBS structures could be impacted by a recent appeals court’s ruling in a long-running lawsuit.

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency MBS Issuance Heads Higher in First Quarter
April 10, 2026
Issuance of non-agency MBS backed by newly originated mortgages increased by 34.2% on a quarterly basis in the first quarter of 2026. (Includes data tables.)
Non-QM Performance Worsens in February
April 10, 2026
The impairment rate on non-qualified mortgages increased by 51 basis points in February, driven by a mix of higher new impairments and further deterioration in cure and made-payment rates, according to dv01.
Non-QM Borrowers Weather Home Price Depreciation
April 10, 2026
Weakness in the housing market last year did not materially impact non-qualified mortgage delinquency rates, according to research by Goldman Sachs.
Mixed Trends in GSE Noncore Activity in First Quarter
April 10, 2026
Conforming jumbo mortgage volume delivered into Fannie Mae and Freddie Mac MBS fell on a quarterly basis in the first quarter, but activity was up for investment-property and second-home mortgages. (Includes data table.)

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

GSE Lenders Stretch Credit Envelope in First Quarter
April 3, 2026
Purchase mortgages and refinances in the highest loan-to-value ratio category accounted for a greater share of mortgages delivered to Fannie Mae and Freddie Mac in the first quarter of 2026. (Includes two data tables.)
DPA Programs Considered Key to Unlocking Purchase Market
April 3, 2026
Loan officers can get a leg up against the competition by learning about available downpayment assistance programs.
Better Offers First Conforming Token-Backed Mortgage
April 3, 2026
Better and Coinbase have partnered to allow borrowers to pledge holdings of tokenized assets to fund their downpayment, without the need to liquidate the assets.
Bank Sales of Mortgages Rise to 2022 Level at End of 2025
April 3, 2026
Bank mortgage sales and originations rose in the fourth quarter to levels last seen in 2022. (Includes two data tables.)

More Inside Mortgage Trends

Inside FHA/VA Lending

Seasonal Slowdown Hits Ginnie Issuance in First Quarter
Ginnie Mae MBS issuance declined 10.7% in the first quarter of 2026 due to a seasonal slowdown in purchase lending. Refinance activity held steady, helped by FHA business. (Includes four data tables.)
Ginnie President Gormley Temporarily Heading FHA
FHA Commissioner Frank Cassidy has taken a leave of absence for the foreseeable future.
FHA Funding Flat in Trump’s 2027 Budget Wishlist
President Trump’s proposed budget for fiscal year 2027 would appropriate $160 million for FHA’s administrative expenses, level with the 2026 funding level.
Spike in FHA Delinquencies Largely Tied to Loss-Mit Change
The addition of the trial payment plan in FHA’s loss-mitigation waterfall appeared to have accounted for most of the recent jump in FHA severe delinquencies, according to research published by CRL.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
GSE Lenders Stretch Credit Envelope in First Quarter
Purchase mortgages and refinances in the highest loan-to-value ratio category accounted for a greater share of mortgages delivered to Fannie Mae and Freddie Mac in the first quarter of 2026. (Includes two data tables.)
Inside Mortgage Finance
Purchase-Mortgage Volume Plods Along in Agency Market
Deliveries of purchase mortgages to agency MBS were essentially level in the first quarter of 2026 compared with the first quarter of 2025. Refi business remained elevated. (Includes two data tables.)
Inside Nonconforming Markets
Non-Agency MBS Issuance Heads Higher in First Quarter
Issuance of non-agency MBS backed by newly originated mortgages increased by 34.2% on a quarterly basis in the first quarter of 2026. (Includes data tables.)
Inside MBS & ABS
Structured Finance Market Keeps Momentum Going
The residential MBS market could see slumping production as interest rates climb and the housing market softens. Non-mortgage ABS issuance started the year strong, while CMBS production declined. (Includes three data tables.)
Inside the CFPB
Trump Admin Plans to Fire Half of CFPB Staff
In a court filing last week, the administration offered a revised plan to lay off nearly 53% of the bureau’s current staff, downsizing the agency from 1,174 employees to 556.
Inside The GSEs
GSE Deliveries Weaken in First Quarter of 2026
Large lenders increased their share in the conventional mortgage market even as their GSE volume fell. (Includes two data tables.)
Inside FHA/VA Lending
Seasonal Slowdown Hits Ginnie Issuance in First Quarter
Ginnie Mae MBS issuance declined 10.7% in the first quarter of 2026 due to a seasonal slowdown in purchase lending. Refinance activity held steady, helped by FHA business. (Includes four data tables.)

Inside The GSEs

GSE Deliveries Weaken in First Quarter of 2026
Large lenders increased their share in the conventional mortgage market even as their GSE volume fell. (Includes two data tables.)
Fraud on GSE Mortgages Limited, Evolving
Officials at Fannie and Freddie say mortgage fraud remains rare but is growing more sophisticated.
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?