Latest News

GSE MBS Issuance Declines in First Quarter of 2026
April 8, 2026
An uptick in refinance activity wasn’t enough to offset the seasonal decline in purchase-mortgage volume.
Pennymac Makes the Case for Nonbanks
April 8, 2026
“Independent mortgage banks have navigated the most volatile interest rate cycles in a generation without a taxpayer backstop,” according to Pennymac.
Better’s Originations Increase in 1Q, Still Taking Losses
April 8, 2026
The lender originated $1.64 billion of loans in the first quarter, with plans to hit $1.0 billion in monthly volume by May.
Pennymac Sends More GSE-Eligible Mortgages to Annaly
April 8, 2026
Pennymac typically issues its own non-agency MBS.

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.)
Ginnie Mae Issuance
Ginnie MBS Issuance Sees Seasonal Plunge in February
Issuers of Ginnie Mae securities took it easy in February, producing just $38.07 billion of MBS, off 24.6% from the previous month. Purchase mortgage and refi volumes declined at similar paces. (Includes two data tables.)
Jumbo
Non-Agency Jumbo Lending Flourished in 2025
Non-agency jumbo mortgages gained market share with production up nearly 40% on an annual basis in 2025. All but one of the top 10 non-agency jumbo lenders reported year-on-year increases. (Includes data table.)

Inside Mortgage Finance

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.)
Revamped Basel Proposal Not Attractive Enough for Banks
New guidelines would eliminate the threshold-based deduction for mortgage servicing rights and apply a 250% risk weight to the assets.
- State Regulators Not Ready to Reform Nonbank Supervision
- Concerns Emerge for GSEs’ New Condo Rules
More Inside Mortgage Finance

Inside MBS & ABS

CMBS Market Sees Potential Increase in Rating Shopping
March 26, 2026
Ratings from a single firm are increasingly common for single-asset/single-borrower commercial MBS, a sign of potential rating shopping.
Kroll Stays Ahead in MBS, Fitch Gains Ground in ABS
March 26, 2026
S&P was the top ABS rating service in the fourth quarter and finished narrowly behind Fitch for all of 2025. Kroll held the top spot in MBS ratings for the year despite a strong challenge from Fitch. (Includes two data tables.)
GSEs Likely Beefing Up MBS Purchases to Quell Volatility
March 26, 2026
Market participants say the surge in GSE purchases is part of the Trump administration’s effort to reduce mortgage rates and spreads.
Bank Capital Reforms Could Limit Supply of MBS
March 26, 2026
The revised proposals would reduce capital requirements for banks, both for MBS holdings and whole loans in portfolio. The change would provide incentives for banks to retain more originations in portfolio.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

ARM Production Bounces Back in Fourth Quarter
March 27, 2026
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.)
Maxex Platform Grows With Tradeweb
March 27, 2026
In the month since announcing its partnership with Tradeweb, Maxex has seen growth in its digital exchange platform. The company also made updates to its non-QM Select 5 program.
Newer Non-Agency Lenders Face Stumbling Blocks
March 27, 2026
If originators moving into the non-agency space are not careful with product types unfamiliar to them, there can be risk and operational ramifications downstream.
Correspondent Share of Nonconforming Lending Increases
March 27, 2026
In 2025, the correspondent channel gained market share in the nonconforming market from the retail and broker channels. (Includes two data tables.)

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

Correspondent Share of FHA, VA Lending Increases in 2025
Among a large group of lenders, the correspondent channel accounted for a 38.0% share of government-insured originations in 2025, up from a 34.5% share in 2024. (Includes data table.)
VA Targets June Rollout of Partial Claims
VA is aiming to roll out its partial claim program in June. The agency is also open to revising its appraisal standards.
HECM Endorsements Tick Up in 2025
Endorsements of home equity conversion mortgages increased by 3.2% on an annual basis in 2025, even with four consecutive quarterly declines since the fourth quarter of 2024. (Includes three data tables.)
Ginnie Servicers Nearing DQ Ceiling Face Elevated Buyouts
Servicers of government loans in Ginnie Mae mortgage-backed securities will need to ramp up buyout activity as delinquencies in their portfolios increase.

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
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.)
Inside Nonconforming Markets
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.)
Inside MBS & ABS
Kroll Stays Ahead in MBS, Fitch Gains Ground in ABS
S&P was the top ABS rating service in the fourth quarter and finished narrowly behind Fitch for all of 2025. Kroll held the top spot in MBS ratings for the year despite a strong challenge from Fitch. (Includes two 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
Correspondent Share of FHA, VA Lending Increases in 2025
Among a large group of lenders, the correspondent channel accounted for a 38.0% share of government-insured originations in 2025, up from a 34.5% share in 2024. (Includes data table.)

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?