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Agency MBS Issuance Declines in 3Q With Drop in Refis
October 9, 2026
Refi volume in agency MBS issuance declined by 46.3% on a quarterly basis.
Equifax Extends $1 Price for VS4 Through End of 2028
October 9, 2026
Nearly 2,000 lenders and resellers are obtaining VS4 scores for free when paying for FICO scores and more than 165 lenders are exclusively using VS4 for certain loans.
Agency MBS Investors See Opportunities After 3Q Losses
October 9, 2026
"We continue to view agency MBS as an attractive alternative to tight investment-grade corporate spreads, with the recent buildup in risk premiums making the relative value case for agency MBS even more compelling," analysts at Goldman Sachs wrote.
Pennymac, New American Funding Invest in Vesta
October 9, 2026
The company behind an AI-native LOS closed a $30 million funding round that included investments from existing clients.

Originations
ARM Production Rebounds
Originations of adjustable-rate mortgages bounced back in the second quarter after a decline in the quarter prior. (Includes data table.)
Originations
Originations of Home Equity Loans Rise 20% in 2Q
Home equity lending is being fueled by accumulation of equity and elevated interest rates, which have diminished demand for refis. (Includes three data tables.)
Originations
Origination Share Up for Nonbanks, Large Lenders in 2026
Nonbank mortgage originations increased by 30.3% on an annual basis in the first half of 2026 while bank production was up 22.2%. (Includes two data tables.)
Agency MBS
GSE MBS Issuance Increases in August
Fannie Mae and Freddie Mac securitizations jumped 11.1% last month, reversing a three-month declining trend. On a year-to-date basis, GSE sales were up 22.5% from the first eight months of 2025. (Includes two data tables.)
Profitability
Mortgage-Banking Profits on Production, Servicing Decline in 2Q
An analysis of earnings reports from 18 lenders showed combined income from production and secondary marketing declined from the first quarter. Servicing income also decreased. (Includes data tables.)
Investors
Banks Shed MBS/ABS From Trading Accounts in 2Q
Bank holding companies reported a 3% decline in trading-account holdings of residential MBS, commercial MBS and ABS in the second quarter. (Includes two data tables.)

Inside Mortgage Finance

Refi Activity Plummets, Dragging Down Agency MBS in 3Q
The flow of refis into agency MBS nearly halved during the third quarter. Purchase-mortgage volume was up 12.5% on a sequential basis; but over the first nine months, it was up only 1.3% year over year. (Includes two data tables.)
FHFA Rumored to End Tri-Merge With GSEs
Industry participants are split on the pros and cons of allowing lenders to pull scores from just two credit reporting agencies.
- Mortgage Industry Faces Uncertainty With VS4 Adoption
- Lenders, Sellers Get Creative in Higher Rate Environment
More Inside Mortgage Finance

Inside MBS & ABS

Structured-Finance Issuance Slips in 3Q26 as Rates Climb
October 8, 2026
Non-agency MBS was the only sector in structured finance that saw increased production in the third quarter. It helps that most of its collateral was originated before the most recent run-up in rates. (Includes three data tables.)
Agency MBS Investors Take Hits, See Opportunities
October 8, 2026
Losses are widely expected for agency MBS investors in the third quarter of 2026. However, the same factors that diminish values of MBS holdings also make new investments in MBS more attractive to investors.
RTL MBS Issuers Stay Optimistic as Interest Rates Rise
October 8, 2026
Issuers expect to keep securitizing loans at a similar pace even as interest rates rise.
GSEs Lose Multifamily Share to CMBS, Banks
October 8, 2026
In a high-rate environment, debt service coverage ratios determine the size of an agency refinance. Those loans may not be large enough to cover the inflation-driven debt of many multifamily properties.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Prime Loans Lift Non-Agency Issuance in 3Q
October 9, 2026
Issuance of prime non-agency MBS increased by more than 20% during the third quarter of 2026 while expanded-credit MBS held steady. (Includes data file.)
NYLIM to Acquire Majority Stake in Invictus
October 9, 2026
New York Life Investment Management is set to acquire a majority ownership stake in the owner of Verus Mortgage Capital.
Non-QM Products Expanding Faster Than Origination Systems
October 9, 2026
The goal should be to bring non-qualified mortgages into the same digital workflows as the rest of the mortgage business, rather than into a separate process, according to industry stakeholders.
Borrowers Turn to ARMs Amid Affordability Challenges
October 9, 2026
Adjustable-rate mortgages are gaining popularity as interest rates rise. And bank lenders have an edge over nonbanks.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Retail Share Rising in Conventional-Conforming
October 2, 2026
The retail channel accounted for 44.2% of conventional-conforming originations in the second quarter among a large group of survey participants, up from a 41.4% share in the first quarter and a share of 38.9% in the second quarter of 2025. (Includes two data tables.)
Lenders Flocking to Partner With Real Estate Brokerages
October 2, 2026
loanDepot recently partnered with real estate brokerage HomeSmart, adding to the growing list of lenders trying to more closely connect home purchasing with home financing.
Mortgage Lenders Relatively Slow With AI Adoption
October 2, 2026
A study by the Mortgage Bankers Association found that lenders aren’t adopting AI as quickly as other financial services companies.
Lenders Face Risks as AI Availability Expands
October 2, 2026
While AI is offering the mortgage industry many benefits, industry experts caution that it’s also posing new risks, including falsified documents, inaccurate credit decisions and potential disruptions to servicing records.

More Inside Mortgage Trends

Inside FHA/VA Lending

Slowing Refis Drag Down Ginnie Issuance
Issuance of government-backed loans to Ginnie Mae mortgage-backed securities fell in the third quarter, breaking with the typical seasonal pattern amid higher interest rates. (Includes four data tables.)
Jones Would Target Builder, Lender Cost Cuts at FHA
Sen. Elizabeth Warren, D-MA, ranking member of the Senate Banking Committee, had little to say to FHA Commissioner-nominee Matt Jones aside from a remark that he would have a “tough job” amid the financial conditions borne of the Trump administration’s policies.
FHA Holds Course on UAD 3.6 as GSEs Waver
FHA announced it was taking the next step in implementing updated appraisal forms the day after Fannie Mae and Freddie Mac announced they’d push back their mandatory implementation date by more than six months.
FHA Formalizes Credit Calculation Updates
FHA this week published updates to its credit scoring methodology to incorporate the updated FICO 10T model and VantageScore 4.0.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Retail Share Rising in Conventional-Conforming
The retail channel accounted for 44.2% of conventional-conforming originations in the second quarter among a large group of survey participants, up from a 41.4% share in the first quarter and a share of 38.9% in the second quarter of 2025. (Includes two data tables.)
Inside Mortgage Finance
Refi Activity Plummets, Dragging Down Agency MBS in 3Q
The flow of refis into agency MBS nearly halved during the third quarter. Purchase-mortgage volume was up 12.5% on a sequential basis; but over the first nine months, it was up only 1.3% year over year. (Includes two data tables.)
Inside Nonconforming Markets
Prime Loans Lift Non-Agency Issuance in 3Q
Issuance of prime non-agency MBS increased by more than 20% during the third quarter of 2026 while expanded-credit MBS held steady. (Includes data file.)
Inside MBS & ABS
Structured-Finance Issuance Slips in 3Q26 as Rates Climb
Non-agency MBS was the only sector in structured finance that saw increased production in the third quarter. It helps that most of its collateral was originated before the most recent run-up in rates. (Includes three data tables.)
Inside the CFPB
Legal Defeats to CFPB Funding Argument Pile Up
An Oregon district court judge last month held that the combined earnings of the Federal Reserve refers to the central bank’s revenue before expenses are subtracted.
Inside The GSEs
Seller Repurchases of GSE Loans Bounce Up in 2Q
Seller repurchases of defective Fannie/Freddie loans increased 19% from the first to the second quarter of 2026. Although the 2025 book appears to be one of the cleanest in recent years, unresolved buyback claims were up 18% in the second quarter. (Includes three data tables.)
Inside FHA/VA Lending
Slowing Refis Drag Down Ginnie Issuance
Issuance of government-backed loans to Ginnie Mae mortgage-backed securities fell in the third quarter, breaking with the typical seasonal pattern amid higher interest rates. (Includes four data tables.)

Inside The GSEs

Seller Repurchases of GSE Loans Bounce Up in 2Q
Seller repurchases of defective Fannie/Freddie loans increased 19% from the first to the second quarter of 2026. Although the 2025 book appears to be one of the cleanest in recent years, unresolved buyback claims were up 18% in the second quarter. (Includes three data tables.)
FHFA’s Shift on VS4 LLPA Grid Prompts Concerns
Analysts worry that FHFA’s aggressive policy moves on credit scores are more about saving consumers money than the safety and soundness of the mortgage system.
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?