Latest News

Banks, Thrifts See Lowest SFO Total Since 2005
August 27, 2026
Banks and thrifts handled servicing on $2.790 trillion of mortgages for other investors at the end of June, down $2.38 billion from March.
Velocity Financial to Acquire Toorak Capital’s Operating Platform
August 27, 2026
The deal is expected to increase Velocity’s origination volume by more than 75% and add almost 40% to its servicing portfolio.
CFPB Ceases Publication of Complaint Narratives
August 27, 2026
The CFPB said the Dodd-Frank Act requires it to collect, monitor and respond to consumer complaints but the publication of complaint narratives and associated data visualizations is “entirely discretionary.”
Tech Startup to Anonymously Match Loan Officers With Lenders
August 27, 2026
Through a new platform, mLOOP, loan officers can discreetly connect with potential employers.

Ratings
Fitch Retains Top Ranking in MBS & ABS Ratings in 2Q
Morningstar DBRS and Moody’s gained share in non-agency MBS ratings in the second quarter, while S&P made up ground in the ABS market. Fitch, however, remained the top rating service in both sectors. (Includes two data charts.)
Originations
Refis Trail Off in 2Q, Purchase Lending Slightly Ahead of 2025
Refi volume declined by 32.7% from the first quarter to the second but nearly doubled year to date. Meanwhile, purchase-mortgage originations increased by just 4.7% year to date. (Includes five data tables.)
Earnings
GSEs Deliver Consistent Profits; No Closer to Solvency
Combined net interest income at the GSEs has averaged $12.94 billion per quarter over the past year. And since the beginning of 2022, combined net income hasn’t dipped below $11.29 billion. (Includes data table.)
Earnings
Bank Mortgage Earnings Tick Up in Second Quarter
A group of 26 banks increased their mortgage earnings by 3.8% on a quarterly basis during the second quarter. Six months into the year, earnings were down 1.0% compared with the first half of 2025, with interest rates weighing on production. (Includes two data tables.)
Commercial MBS
Non-Agency Pushes CMBS Issuance Up Slightly in 2Q
A record $11.35 billion of industrial-property mortgages were securitized in non-agency CMBS during the second quarter. Office properties and multifamily also saw big gains, while agency multifamily MBS production faltered. (Includes two data tables.)
Mortgage Insurance
PMIs Gain Purchase Share, Refinance Share Slips
Primary mortgage insurance activity was up 17% in the second quarter after a slow start to the year, with private insurers claiming more of the purchase market but losing share in refinances. (Includes four data tables.)

Inside Mortgage Finance

All Products Gained in 2Q But Agency Market Lagged
The conventional-conforming sector lagged in an otherwise upbeat mortgage market. (Includes two data files.)
Economists Trim Estimates for Mortgage Originations
Market uncertainty and rising costs have led some economists to revise their origination forecast for the rest of this year and into 2027.
- Several Senior Fannie Executives Let Go
- Private Mortgage Insurers Ready for VantageScore 4.0
More Inside Mortgage Finance

Inside MBS & ABS

Second-Level Agency MBS Rises in 2Q, CMOs Down
August 27, 2026
Freddie saw a big increase in Supers issuance in the second quarter, while Fannie production was flat. Fannie, however, was the only agency with an increase in REMIC/CMO production. (Includes two data tables.)
Banks See Modest Increase in MBS Holdings, Ginnie Gains
August 27, 2026
Most of the increase in banks’ MBS investment was in Ginnie Mae pass-throughs, which grew a modest 1.5% from the first quarter. Holdings of non-agency securities declined. (Includes two data tables.)
Ginnie Continues Effort Toward Loan-Level Operations
August 27, 2026
The agency is working on a project to track issuers’ final certifications as the latest stage of its loan-level transformation initiative.
NAIC Proposes New ABS Bond Qualifications
August 27, 2026
The proposal would add two new provisions regarding ABS qualification under the NAIC’s principles-based bond definition.

More Inside MBS & ABS

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Inside Nonconforming Markets

Chase Non-Agency RMBS Servicing Rebounds in 2Q
August 14, 2026
JPMorgan Chase was the only servicer among the top five that handled new servicing on non-agency mortgage-backed securities to post a quarterly increase during the second quarter. (Includes data table.)
HomeXpress Boosts Profits, Increases Originations
August 14, 2026
HomeXpress Mortgage originated $1.1 billion of loans during the second quarter of 2026 and posted a profit of $8.7 million.
Genesis, Lima One Increase RTL Originations in 2Q
August 14, 2026
The residential transition loan units of Newrez and MFA Financial generated solid growth during the second quarter.
Fraud Risk Elevated for Non-QMs as Sector Expands
August 14, 2026
An industry attorney suggested safeguards warehouse lenders and non-qualified mortgage originators should take to protect themselves from fraud.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Nonbanks See Decline in Mortgage-Banking Income in 2Q
August 21, 2026
A group of 13 publicly traded nonbank lenders reported a combined $2.20 billion in mortgage-banking income for the second quarter, down 32.3% from the first quarter. (Includes data table.)
Mortgage Defect Rate Posts Biggest Quarterly Jump in 4 Years
August 21, 2026
A brief increase in refinance activity during the first quarter of 2026 pushed the defect rate to a recent high, according to ACES Quality Management.
Bank MSR Values Steady; Portfolios Lowest Since 2005
August 21, 2026
The banking industry continued to pare its servicing-for-others. But MSR values held steady on a quarterly basis at the end of June. (Includes data table.)
CFPB RFI Sparks Renewed Interest in LO Comp Reform
August 21, 2026
The Community Home Lenders of America urged the CFPB to pursue loan originator compensation reform as the bureau weighs changes to the TILA-RESPA Integrated Disclosures rule.

More Inside Mortgage Trends

Inside FHA/VA Lending

Slowing Refis Drag on Ginnie Issuance in July
Issuance of Ginnie Mae mortgage-backed securities eased in July as securitizations of refinances dropped. (Includes two data tables.)
Pennymac, Vendor Move Quickly on VA Loss-Mit
The nonbank servicer and a tech vendor separately implemented VA’s partial claim loss-mitigation option well in advance of VA’s deadline.
VA Averts Legal Foreclosure Risks From Partial Claims
The agency sought to address the legal risks servicers face when foreclosing on a home in which the VA has a partial claim interest.
FHA Continues Testing Updated Appraisal Forms
FHA is testing the Uniform Appraisal Dataset 3.6 among a select group of lenders, as Fannie Mae and Freddie Mac lenders face a mandatory implementation date.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Nonbanks See Decline in Mortgage-Banking Income in 2Q
A group of 13 publicly traded nonbank lenders reported a combined $2.20 billion in mortgage-banking income for the second quarter, down 32.3% from the first quarter. (Includes data table.)
Inside Mortgage Finance
All Products Gained in 2Q But Agency Market Lagged
The conventional-conforming sector lagged in an otherwise upbeat mortgage market. (Includes two data files.)
Inside Nonconforming Markets
Chase Non-Agency RMBS Servicing Rebounds in 2Q
JPMorgan Chase was the only servicer among the top five that handled new servicing on non-agency mortgage-backed securities to post a quarterly increase during the second quarter. (Includes data table.)
Inside MBS & ABS
Second-Level Agency MBS Rises in 2Q, CMOs Down
Freddie saw a big increase in Supers issuance in the second quarter, while Fannie production was flat. Fannie, however, was the only agency with an increase in REMIC/CMO production. (Includes two data tables.)
Inside the CFPB
Johnson’s Past Remarks Offer Insight on His Priorities for CFPB
Brian Johnson, CFPB director nominee, over the years has criticized the CFPB’s enforcement of RESPA, among other issues.
Inside The GSEs
GSE Single-Family Business Declines in July as Refis Slump
Seven of the top 10 GSE sellers saw a monthly decline in deliveries to Fannie Mae and Freddie Mac in July. (Includes two data tables.)
Inside FHA/VA Lending
Slowing Refis Drag on Ginnie Issuance in July
Issuance of Ginnie Mae mortgage-backed securities eased in July as securitizations of refinances dropped. (Includes two data tables.)

Inside The GSEs

GSE Single-Family Business Declines in July as Refis Slump
Seven of the top 10 GSE sellers saw a monthly decline in deliveries to Fannie Mae and Freddie Mac in July. (Includes two data tables.)
Little Pushback to Proposed Weakening of SCP Rule
FHFA’s plan to remove the term reputational harm from the suspended counterparty program regulation appears to have near universal support from mortgage industry stakeholders.
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?