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Conforming Jumbo Business at GSEs Down in First Quarter
April 16, 2026
Some $8.60 billion of conforming jumbos flowed into GSE mortgage-backed securities issued during the first quarter, an 11.0% decline from the previous quarter.
NY Considers Extending CRA Requirements to Insurance Industry
April 16, 2026
New York may soon include insurance companies in its Community Reinvestment Act regulations to combat rising homeowners insurance costs.
Volume Up Sharply at US Bank in 1Q, Revenue Down
April 16, 2026
The decline in revenue was linked to both revenue from servicing and changes in the value of mortgage servicing rights.
Foreclosure Activity Up 26% on Annual Basis in First Quarter
April 16, 2026
Some 118,727 properties had foreclosure filings in the first quarter of 2026.

Issuance
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.)
MBS
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.)
Funding
Warehouse Lending Elevated Ahead of March Disruption
Warehouse borrowing capacity increased by 15.7% on an annual basis in 2025. And then interest rates on mortgages spiked in March. (Includes data table.)
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.)

Inside Mortgage Finance

Agency Servicing Market Subdued in Early 2026
Depository institutions increased their share of the agency servicing market slightly in the first quarter of 2026 as a handful of banks bought GSE MSR in the bulk market. (Includes two data tables.)
MBA Set to Hit Capitol Hill With Fresh Policy Agenda
The trade group plans to target provisions in the bipartisan housing package moving through Congress, including efforts to deter corporate investors from buying single-family homes.
- UWM Tried to Save Planned Acquisition of Two Harbors
- FHFA’s Scrapped Press Conference Fires Rumor Mill
More Inside Mortgage Finance

Inside MBS & ABS

ECM Drives Non-Agency MBS Issuance in Early 2026
April 16, 2026
Non-agency MBS issuance hit its highest level since the third quarter of 2007, largely because of surging production of the new generation of Alt A and subprime deals. JPMorgan Chase was the top issuer and top underwriter in the first quarter. (Includes three data tables.)
PIMCO Skeptical of Trump Administration’s Affordability Plans
April 16, 2026
Experts at the bond giant criticized the random MBS purchases, GSE public offering plans and guarantee-fee reductions.
Industry Group Weighs Risks of GSE Reform
April 16, 2026
The Treasury Market Practices Group released a white paper identifying how a change in the ownership structure of Fannie Mae and Freddie Mac could impact the broader financial markets.
First Municipal Bond Tied to Bitcoin Assessed as CLO
April 16, 2026
The New Hampshire Business Finance Authority’s bitcoin-backed municipal bond received preliminary ratings under Moody’s structured finance framework.

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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

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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
Agency Servicing Market Subdued in Early 2026
Depository institutions increased their share of the agency servicing market slightly in the first quarter of 2026 as a handful of banks bought GSE MSR in the bulk market. (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
ECM Drives Non-Agency MBS Issuance in Early 2026
Non-agency MBS issuance hit its highest level since the third quarter of 2007, largely because of surging production of the new generation of Alt A and subprime deals. JPMorgan Chase was the top issuer and top underwriter in the first quarter. (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?