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Retail Gains Share of Conventional-Conforming Lending
October 8, 2026
A fair amount of the shift in share to the retail channel was due to a decline in production at United Wholesale Mortgage.
Elevated Rates Expected to Lead to Lender M&A
October 8, 2026
“The companies most at risk tend to be those with limited scale, very narrow product offerings or really weak capital positions,” Norah Zhang, an assistant vice president in the financial institutions group at Moody’s Ratings, said.
HUD Investigates Wells Fargo Over Race-Based Lending
October 8, 2026
Nikitra Bailey, executive vice president of the National Fair Housing Alliance, sharply criticized the investigation.
Securitization Rate for Non-Agency Mortgages Declines in 2Q
October 8, 2026
Demand from MBS investors for non-agency mortgages diminished during the second quarter of 2026 as interest rates increased.

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.)
Servicing
Rocket, Cenlar Subservicing Portfolios Decline
Rocket’s acquisition of Mr. Cooper and Pennymac’s pending acquisition of Cenlar have prompted some changes in market share. M&T Bank posted a sharp increase in subservicing in the second quarter. (Includes data table.)

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

Retail Gains Nonconforming Share From Brokers
September 25, 2026
The retail channel’s share of nonconforming originations increased from the first quarter to the second. (Includes two data tables.)
Credit Score Options Fuel Uncertainty in Non-Agency Market
September 25, 2026
The availability of multiple credit scoring models leaves non-agency players with concerns related to lender choice, disclosures and historical data.
Non-Agency Market Gains Attention as Rates Increase
September 25, 2026
During a LoanNEX webinar, speakers discussed how increasing interest rates allow the non-agency market to step in, with investors driving demand.
ARM Production Rebounds
September 25, 2026
Originations of adjustable-rate mortgages bounced back in the second quarter after a decline in the quarter prior. (Includes data table.)

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

Brokers Lose Market Share Among Government Lenders
Government lending through brokers declined on a quarterly basis in the second quarter while both retail and correspondent production increased. (Includes data table.)
VantageScore Credit Boost Appears Minor With FHA
Some FHA borrowers could see improved credit scores from FHA’s adoption of VantageScore 4.0, but the effect should be relatively small, according to researchers at Goldman Sachs’ credit strategy desk.
Industry Seeks Clarity on FHA’s RAP Pilot
Industry groups urged FHA to make the proposed alternative partial claim structure friendlier for smaller lenders and called for communication with Ginnie Mae investors.
Ginnie ET Issuance Jumps, Delinquencies Elevated
Issuance to Ginnie Mae custom extended-term pools spiked twice in the last year, after FHA and VA changed their loss-mitigation policies. Delinquency rates on the pools are also exceptionally high.

More Inside FHA/VA Lending

Premium Newsletter Content

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
Retail Gains Nonconforming Share From Brokers
The retail channel’s share of nonconforming originations increased from the first quarter to the second. (Includes two data tables.)
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
Brokers Lose Market Share Among Government Lenders
Government lending through brokers declined on a quarterly basis in the second quarter while both retail and correspondent production increased. (Includes data table.)

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?