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Largest Servicers See Declines in Market Share in 1Q
May 8, 2026
Rocket and Pennymac reduced their portfolios during the first quarter.
Income Spikes at Rocket in 1Q, Led by Origination Activity
May 8, 2026
“Rocket is no longer solely a rate-driven business,” said Varun Krishna, CEO of the company. “We are a business with durable, recurring revenue streams that also retain significant upside when rates fall.”
Fitch Places ‘Deteriorating’ Outlook on HEL Securitization Sector
May 8, 2026
The change was prompted by delinquencies, though Fitch analysts said the asset class is still performing above base case expectations.
Carrington to Boost Subservicing Business With Valon Acquisition
May 8, 2026
The transaction includes servicing on 800,000 loans representing about $197 billion in unpaid principal balance.

Government-Insured Servicing
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.)
Expanded Credit
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.)
Originations
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.
Complaints
Mortgage Complaints Filed With the CFPB Surge in 1Q
Consumer complaints regarding both mortgage originations and servicing increased during the first quarter of 2026. (Includes two data tables.)
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.)

Inside Mortgage Finance

Largest Servicers Lose Some Market Share in 1Q
As a group, the five largest firms in terms of owned servicing lost market share during the first quarter of 2026. Much of the decline was due to Rocket Mortgage, the largest servicer in the industry. (Includes three data tables.)
Policies for VantageScore Use Involving GSEs Murky
FICO and VantageScore disagree on how lenders in a GSE pilot are using VantageScore. FICO’s CEO claims there are LTV ratio limitations and a haircut with VantageScore. VantageScore said that’s not the case.
- Trump Comments Revive GSE IPO Speculation
- Lenders Brace for Lower-Than-Expected Returns in 2026
More Inside Mortgage Finance

Inside MBS & ABS

Agency MBS Issuance Hits Four-Year High in April
May 7, 2026
Rocket Mortgage was the top seller-issuer in April thanks to a 24% jump in monthly volume, while UWM slipped to second place. Newrez, Chase and Onity all posted big gains from March. (Includes two data tables.)
FICO vs VantageScore: The Gloves Come Off
May 7, 2026
FICO’s CEO argued that VantageScore isn’t gaining much traction in the MBS and ABS markets, and that the only way the score will take share with GSE mortgages will be if lenders game the system.
GSE Spec-Pool Share Rises in 1Q, Florida Story Favored
May 7, 2026
A handful of GSE specified-pool categories based on maximum loan amounts saw increased production in the first quarter, as did MBS backed by investor loans. (Includes data table.)
DQs on Second-Liens Rising Faster Than Expected
May 7, 2026
Fitch placed a “deteriorating” outlook on the securitized second-lien market due to rising delinquencies. However, the rating service said that the sector is still performing within its base case expectations.

More Inside MBS & ABS

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Inside Nonconforming Markets

GSE-Eligible Loans, Refis Fuel Prime Non-Agency MBS
May 8, 2026
Issuance of prime non-agency mortgage-backed securities increased by 17.0% on a quarterly basis in the first quarter of 2026. (Includes three data tables.)
Redwood Takes Loss in 1Q Amid Record Volume
May 8, 2026
Redwood incurred a $5.5 million loss in the first quarter of 2026 even as mortgage-banking volume hit a record for the company.
Jumbo Correspondent Sellers Shift Strategies in 2025
May 8, 2026
Correspondent sales of jumbo mortgages increased by 39.7% on an annual basis in 2025. (Includes two data tables.)
Pennymac REIT’s Income Drops in First Quarter
May 8, 2026
Income at Pennymac Mortgage Investment Trust declined by more than 50% in the first quarter of 2026 as the real estate investment trust put an emphasis on non-agency activity.

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

Ginnie Issuance Up Across the Board in April
Issuance of loans to Ginnie Mae mortgage-backed securities hit a four-year peak in April, marked by strong refinance volume and rising activity involving loan modifications. (Includes two data tables.)
High-LTV-Ratio Borrowers Struggle to Compete
Young homebuyers using low- to zero-downpayment loans, usually government-insured loans, can’t compete with cash buyers for single-family homes.
Correspondent Sales Choppy Among Lenders in 2025
Many top correspondent sellers of government loans increased sales by the double-digits in 2025 compared to 2024, while top seller Veterans United saw a decline. (Includes data table.)
Industry Groups Call for VA to Reform Appraisals
Trade groups representing lenders want VA to align its appraisal standards with other government agencies and clarify minimum property requirements.

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
Largest Servicers Lose Some Market Share in 1Q
As a group, the five largest firms in terms of owned servicing lost market share during the first quarter of 2026. Much of the decline was due to Rocket Mortgage, the largest servicer in the industry. (Includes three data tables.)
Inside Nonconforming Markets
GSE-Eligible Loans, Refis Fuel Prime Non-Agency MBS
Issuance of prime non-agency mortgage-backed securities increased by 17.0% on a quarterly basis in the first quarter of 2026. (Includes three data tables.)
Inside MBS & ABS
Agency MBS Issuance Hits Four-Year High in April
Rocket Mortgage was the top seller-issuer in April thanks to a 24% jump in monthly volume, while UWM slipped to second place. Newrez, Chase and Onity all posted big gains from March. (Includes two data tables.)
Inside the CFPB
Student Loan Complaints to CFPB Spike in First Quarter
Consumer complaints filed with the CFPB increased across all categories during the first quarter. Issues with student loans were up 34.1% from the fourth quarter. (Includes two 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.)
Inside FHA/VA Lending
Ginnie Issuance Up Across the Board in April
Issuance of loans to Ginnie Mae mortgage-backed securities hit a four-year peak in April, marked by strong refinance volume and rising activity involving loan modifications. (Includes two 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?