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CLO Issuance Slows in 4Q25
February 3, 2026
On an annual basis, issuance in 2025 was the highest on record and a 15.1% gain from 2024.
GSEs Did Not Recommend Approval of VantageScore 4.0
February 3, 2026
The GSEs' business assessments indicated that a single file report was measurably less able to predict borrower performance.
Two Harbors Bounces Back in 4Q
February 3, 2026
Third-quarter results were hampered by a legal settlement.
MBA Calls Out CDIA for Gaslighting in Credit Report Debate
February 3, 2026
Bob Broeksmit, president and CEO of the Mortgage Bankers Association, said the Consumer Data Industry Association's recent arguments in support of the tri-merge credit report requirements ignore that CDIA members have a massive financial stake in preserving the status quo.

Ginnie Mae Issuance
Ginnie Refi Issuance in 4Q Surges Closer to Pandemic Levels
Ginnie Mae issuance of mortgage-backed securities backed by refinance loans zoomed in the fourth quarter to highs not seen since the pandemic boom. (Includes four data tables.)
Expanded Credit
Non-Agency MBS Issuance Jumps 61% in 2025
Issuance of expanded-credit MBS increased by nearly 80% on an annual basis in 2025 to $75.91 billion. Prime non-agency MBS issuance was up nearly 40% to $45.19 billion. (Includes data table.)
ABS
ABS Issuance Hits Record in 2025 Despite Late Decline
Car manufacturers accounted for about half of the record $165 billion of vehicle ABS issued last year. The share of nonprime loans to car buyers was up slightly from 2024. (Includes three data tables.)
Mortgage Insurance
Private MI Business Stronger Than FHA in 4Q
For both purchase mortgages and refis, GSE activity with private MI posted stronger performance than FHA in the fourth quarter of 2025. For the full year, trends differed, at least with purchase mortgages. (Includes three data tables.)
Sales
Rocket/Mr. Cooper Top UWM With GSE Deliveries
As a merged company, Rocket Mortgage and Mr. Cooper delivered more mortgages to Fannie Mae and Freddie Mac than any other company during the fourth quarter of 2025.
Characteristics
Lenders Shift GSE Business to Higher Quality in Fourth Quarter
GSE refi business jumped and shifted toward borrowers with higher credit scores during the fourth quarter. With purchase mortgages, lenders also put a greater emphasis on LTV ratios below 81%.

Inside Mortgage Finance

Originations Increase in Fourth Quarter With Refi Push
Production of first-lien residential mortgages increased by 17.3% during the fourth quarter of 2025. Refinances soared while purchase-mortgage activity declined as part of a seasonal trend. (Includes two data tables.)
GSEs’ MBS Plan Prompts Revisions to Rate Forecasts
In mid-December, MBA was projecting interest rates would hold at 6.4% throughout 2026. However, MBA now anticipates the average rate will be 6.1% in the first quarter and hold at that level through the year.
- CDIA Sides With CHLA in Tri-Merge Debate
- States Ramping Up AI Regulation in Mortgage Market
More Inside Mortgage Finance

Inside MBS & ABS

Record Year for CLO, But Issuance Slowed in 4Q25
January 29, 2026
Reset and refinance deals accounted for nearly 60% of last year’s bumper crop of CLOs that totaled more than $607 billion. (Includes two data tables.)
FHFA Rejiggers Cap on GSE Acquisitions of Agency MBS
January 29, 2026
FHFA quietly increased the cap on the GSEs’ holdings of agency MBS from $40 billion apiece to $225 billion. That’s the same as the cap on their entire retained mortgage portfolios.
REIT Agency MBS Investors Comfortable With Market
January 29, 2026
Interest rate and spread volatility has declined in recent months. That’s leading to a reduction in potential returns from agency MBS along with a more stable investing environment.
Spec Pool Volume Slumps in 4Q25 as GSE MBS Increases
January 29, 2026
Freddie continues to lead Fannie in issuance of specified-pool MBS. In the fourth quarter, there were relatively large gains in pools of mortgages with loan amounts below $275,000, as well as pools of Texas loans. (Includes data table.)

More Inside MBS & ABS

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Inside Nonconforming Markets

Expanded-Credit MBS Issuance Slows in 4Q
January 30, 2026
Issuance of expanded-credit mortgage-backed securities declined during the fourth quarter of 2025, marking the first quarterly decline in issuance for the sector in two years. (Includes three data tables.)
Annaly’s Non-Agency Conduit Has Record Year
January 30, 2026
Annaly Capital Management achieved company records in lock volume and securitization issuance during the fourth quarter of 2025.
Non-Agency Lenders Bracing for Decline in Interest Rates
January 30, 2026
With the potential for interest rates to decline further, originators in the RTL and DSCR space have varying strategies for dealing with volume changes.
Fraud Risks Persist for Non-Agency Mortgages
January 30, 2026
Industry participants recently warned against common types of fraud involving DSCR mortgages and residential transition loans.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Agency MSR Transfers Pick Up in Fourth Quarter of 2025
January 23, 2026
Setting aside Rocket Mortgage’s acquisition of Mr. Cooper Group, bulk MSR sales increased during the fourth quarter, including $58.25 billion of acquisitions by CrossCountry Mortgage. (Includes three data tables.)
Agency MBS Delinquency Rate Hits Level Seen in 2021
January 23, 2026
The total delinquency rate on loans in agency MBS reached 3.71% at the end of 2025. The last time delinquencies were at that level was early 2021 as the market was recovering from the impact of the pandemic. (Includes data table.)
Lenders Offering Guidance on Student Loan Repayments
January 23, 2026
Mortgage lenders are partnering with student loan debt repayment services as a pathway to drive business with new and existing borrowers.
Truist Touts Success With AI in Underwriting
January 23, 2026
Truist is using an AI tool from Dark Matter Technologies for underwriting processes while having humans validate the results. Meanwhile, MISMO is working on a framework for AI.

More Inside Mortgage Trends

Inside FHA/VA Lending

FHA Delinquencies Rise to Pandemic Levels
The delinquency rate on FHA-insured mortgage loans jumped nearly a percentage point during the fourth quarter of 2025 to surpass the reading at the end of 2020. (Includes four data tables.)
MBA Dismisses CHLA Concerns Over Single-File Credit Pulls
The Mortgage Bankers Association said a move to a single-file credit system at Fannie and Freddie wouldn’t undermine government lending programs, but might instead encourage them to follow suit.
MBA Joins Push to Revisit FHA Insurance Premiums
The Mortgage Bankers Association joined a growing chorus of industry groups calling for FHA to revisit its mortgage insurance premiums following a strong show of the Mutual Mortgage Insurance Fund.
Ginnie Expands Scope of AI Pilots for Loan-Level Push
Ginnie Mae launched pilot applications of artificial intelligence in its operations last year as it works to speed up its transition from pool- to loan-level operations.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Agency MSR Transfers Pick Up in Fourth Quarter of 2025
Setting aside Rocket Mortgage’s acquisition of Mr. Cooper Group, bulk MSR sales increased during the fourth quarter, including $58.25 billion of acquisitions by CrossCountry Mortgage. (Includes three data tables.)
Inside Mortgage Finance
Originations Increase in Fourth Quarter With Refi Push
Production of first-lien residential mortgages increased by 17.3% during the fourth quarter of 2025. Refinances soared while purchase-mortgage activity declined as part of a seasonal trend. (Includes two data tables.)
Inside Nonconforming Markets
Expanded-Credit MBS Issuance Slows in 4Q
Issuance of expanded-credit mortgage-backed securities declined during the fourth quarter of 2025, marking the first quarterly decline in issuance for the sector in two years. (Includes three data tables.)
Inside MBS & ABS
Record Year for CLO, But Issuance Slowed in 4Q25
Reset and refinance deals accounted for nearly 60% of last year’s bumper crop of CLOs that totaled more than $607 billion. (Includes two data tables.)
Inside the CFPB
Mortgage Complaints to CFPB Tick Up in Fourth Quarter
Consumer grievances filed with the CFPB related to mortgages increased steadily during the final quarter of 2025. (Includes two data tables.)
Inside The GSEs
Rocket/Mr. Cooper Combo Dominates GSE Servicing
Market share of the top-five GSE servicers jumped from 35.1% in the third quarter of 2025 to 40.4% in the fourth. (Includes two data tables.)
Inside FHA/VA Lending
FHA Delinquencies Rise to Pandemic Levels
The delinquency rate on FHA-insured mortgage loans jumped nearly a percentage point during the fourth quarter of 2025 to surpass the reading at the end of 2020. (Includes four data tables.)

Inside The GSEs

Rocket/Mr. Cooper Combo Dominates GSE Servicing
Market share of the top-five GSE servicers jumped from 35.1% in the third quarter of 2025 to 40.4% in the fourth. (Includes two data tables.)
GSE Reform Plans Uncertain Following $200B MBS Push
Some critics argue that forcing Fannie Mae and Freddie Mac to intervene in the mortgage-backed securities market may indicate their recapitalization and release from conservatorship is now on hold.
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?