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Seasonal Slump Drives Down Originations in 1Q
May 1, 2026
Declining interest rates in January and February helped to push refinance business up, but not enough to offset the seasonal decline in purchase-mortgage lending in the first quarter.
Bids for Mortgage Servicing Rights Still Exceptionally Strong
May 1, 2026
“There’s probably more capital out there than what can truly trade on the MSR side,” said Chris King, a senior vice president of MSR channels at Rocket Mortgage.
UWM Proposes New Deal for Two Harbors
May 1, 2026
The new deal increases the cash election from UWM’s previous offer from $11.30 to $12.00 per share, a $0.70 premium per stock compared to the deal the Two Harbors board accepted from CrossCountry Mortgage last month.
VantageScore 4.0 Unlikely to Have Major Impact on Agency MBS
May 1, 2026
In a note to investors last week, Goldman Sachs Managing Director Arun Manohar said he is not particularly optimistic about the longer-term success of VantageScore 4.0 in the agency MBS market.

Servicing
Depository Servicers End Slide in Servicing Share
Banks and other depository institutions regained a little market share in GSE servicing during the first quarter of 2026 after 11 consecutive quarters of losing share to nonbanks. (Includes two data tables.)
Servicing
Bulk Agency MSR Sales Back to Normal in First Quarter
Carrington Mortgage Services was the top bulk buyer of agency MSR in the first quarter of 2026, thanks to a large acquisition of Ginnie servicing from Pennymac. Bayview Asset Management was the top buyer in the coissuance market. (Includes three data tables.)
ABS
Cars, Data Centers Drive 1Q26 ABS Issuance Surge
Total ABS issuance reached its second-highest quarterly total in the first three months of 2026. Securitization of auto loans and data-center revenue were key factors. (Includes three data tables.)
Mortgage Insurance
Private MI Share Increases on GSE Purchase-Mortgage Business
GSE purchase-mortgage volume with private MI held up a little better on a quarterly basis than GSE business without private MI in the first quarter of 2026. (Includes three data tables.)
Ginnie Mae Issuance
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.)
Expanded Credit
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 Mortgage Finance

Mixed Trends for Mortgage Originations in 1Q
Glass half full: Originations surged on an annual basis in the first quarter. Glass half empty: Lending declined on a quarterly basis as interest rates jumped in March.
MSR Stability Expected to Be Tested by Delinquencies
As delinquencies rise, servicers will face increasing obligations for advances to MBS investors. Large servicers are expected to be able to handle the pressure while some smaller servicers could face difficulties.
- Lenders See Strong Demand for Mortgages in April
- Operational Challenges for Implementing VantageScore 4.0
More Inside Mortgage Finance

Inside MBS & ABS

GSE Portfolio Strategies Diverge in First Quarter
April 30, 2026
Fannie Mae expanded its portfolio by adding both whole loans and MBS, while Freddie Mac cut whole loans as it added MBS.
VantageScore Impact on MBS Market Likely Minimal
April 30, 2026
For MBS investors, the biggest complication in the GSEs’ implementation of VantageScore 4.0 is likely loan-level pricing adjustments.
Ginnie Provides Relief to Servicers for FHA Loans
April 30, 2026
The agency will exclude FHA mortgages on trial payment plans when calculating an issuer’s delinquency ratio.
Appeals Court Reverses Ruling on ERISA Liability
April 30, 2026
The Second Circuit Court of Appeals altered some of its original findings in a lawsuit dealing with MBS liability under the Employee Retirement Income Security Act.

More Inside MBS & ABS

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Inside Nonconforming Markets

Investment-Property Loans Drive Up ECM MBS Issuance
April 24, 2026
Issuance of expanded-credit MBS increased a hefty 40.6% during the first quarter of 2026, with investment-property mortgages making up a big chunk of the total. (Includes three data tables.)
Annaly Sees Strong Returns From Non-Agency Conduit
April 24, 2026
The real estate investment trust’s residential credit business was the most profitable during the first quarter of 2026. The company has sharply increased its investments in the segment.
Newfi Originates Loans in Morgan Stanley Non-Agency MBS
April 24, 2026
Newfi Lending contributed 100% of collateral to a non-agency mortgage-backed security that started marketing this month.
AD Mortgage Non-Agency Business Expands Geographically
April 24, 2026
AD Mortgage’s acquisition a year ago of Flagstar Bank’s third-party originator platform has helped expand its geographic reach.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Banks Report Slight Drop in Mortgage-Banking Income
May 1, 2026
While new production volume was generally sluggish in the first quarter of this year, several banks reported higher gain-on-sale margins and better MSR hedging results. (Includes data table.)
Former Rocket Execs Team Up With Archrival UWM
May 1, 2026
Origna8 is providing brokers a platform that can be used for lead generation, agentic-AI marketing, lender relationship management and data analytics.
Retail Lenders Boosted by Rising Refis
May 1, 2026
Deliveries of retail mortgages to the agencies were boosted by an increase in refinances in the wake of lower mortgage rates in the first quarter of 2026. (Includes two data tables.)
Northpointe Bank Sees Strong Volume in 1Q
May 1, 2026
During the first quarter of 2026, Northpointe Bank’s warehouse lending essentially held steady compared with the fourth quarter and the bank increased its production of “all-in-one” loans.

More Inside Mortgage Trends

Inside FHA/VA Lending

Mixed Trends for Largest Ginnie Servicers in 1Q
Some of the largest servicers of loans in Ginnie Mae mortgage-backed securities saw portfolios shrink in the first quarter, according to a new ranking and analysis by Inside FHA/VA Lending. (Includes four data tables.)
PIMCO Calls on FHA, Ginnie to Rein In Buydown Price Inflation
Investment firm PIMCO believes FHA and Ginnie Mae should tackle builder buydowns to lower housing costs.
USDA Seeks to Exclude Commission Fees From Concession Limits
The U.S. Department of Agriculture’s Rural Housing Service proposed excluding real estate commission fees from interested party contributions as part of an effort to lower closing costs for buyers.
Some FHA Loan Deterioration Not Explained By Policy Changes
The Mortgage Bankers Association’s chief economist warned of some deterioration in FHA loan pools, even as the industry and Ginnie Mae write off the recent increase in delinquencies as an immaterial consequence of altered modification timelines.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Banks Report Slight Drop in Mortgage-Banking Income
While new production volume was generally sluggish in the first quarter of this year, several banks reported higher gain-on-sale margins and better MSR hedging results. (Includes data table.)
Inside Mortgage Finance
Mixed Trends for Mortgage Originations in 1Q
Glass half full: Originations surged on an annual basis in the first quarter. Glass half empty: Lending declined on a quarterly basis as interest rates jumped in March.
Inside Nonconforming Markets
Investment-Property Loans Drive Up ECM MBS Issuance
Issuance of expanded-credit MBS increased a hefty 40.6% during the first quarter of 2026, with investment-property mortgages making up a big chunk of the total. (Includes three data tables.)
Inside MBS & ABS
GSE Portfolio Strategies Diverge in First Quarter
Fannie Mae expanded its portfolio by adding both whole loans and MBS, while Freddie Mac cut whole loans as it added MBS.
Inside the CFPB
NTEU Urges Court to Deny Rushed Review of CFPB RIF Plan
The National Treasury Employees Union said the DC District Court should take up the review of the Trump administration’s revised layoff plan for the CFPB. However, the union said it opposes the administration’s 45-day timeline for the review.
Inside The GSEs
Fannie and Freddie Earnings on Different Trajectories
Fannie Mae’s net interest income has barely changed over the past 13 quarters, while Freddie Mac’s has increased slightly in all but one of those quarters. (Includes data table.)
Inside FHA/VA Lending
Mixed Trends for Largest Ginnie Servicers in 1Q
Some of the largest servicers of loans in Ginnie Mae mortgage-backed securities saw portfolios shrink in the first quarter, according to a new ranking and analysis by Inside FHA/VA Lending. (Includes four data tables.)

Inside The GSEs

Fannie and Freddie Earnings on Different Trajectories
Fannie Mae’s net interest income has barely changed over the past 13 quarters, while Freddie Mac’s has increased slightly in all but one of those quarters. (Includes data table.)
Questions Remain on VantageScore 4.0 Implementation
Until Fannie and Freddie are more transparent about the loan-level pricing adjustment grids for the new credit score, lenders and investors will remain cautious about its implementation.
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?