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Non-Agency MBS Issuance Down in Second Quarter
July 23, 2026
Much of the decline was from activity with seasoned mortgages.
Northpointe Bank Increasing Warehouse Lending Activity
July 23, 2026
Warehouse lending balances at Northpointe Bank increased by 36.3% on an annual basis to $3.94 billion as of the end of June.
Button Finance Aggressive as It Enters Non-QM Market
July 23, 2026
"We’re comfortable with risk from many of the sellers out there that are already making those loans and selling them elsewhere," said Jason Harris, co-founder and CEO of Button Finance.
Short Takes: Condo Prices Declining / Movement Expands Spanish-Speaking Support / Earnings Improve at Another MBS-Focused REIT / Adamas Offers Its Largest Expanded-Credit MBS
July 23, 2026
Average condo prices declined by 0.7% on an annual basis as of mid-July, according to Intercontinental Exchange.

Issuance
Non-Agency MBS Issuance Declines Sharply in Second Quarter
Although securitization of seasoned non-agency loans fell by 50% from an abnormally high level in early 2026, issuance of MBS backed by recently originated loans held fairly steady. (Includes three data files.)
Servicing
Nonbanks Gain More Agency Servicing Share in Second Quarter
The nonbank share of agency servicing increased to 68.6% at the end of June. Rocket remained the top servicer, though the nonbank’s servicing portfolio declined during the second quarter. (Includes two data tables.)
Ginnie Mae Issuance
Ginnie Issuance Soars in 2Q; Purchase Mortgages Strong
The securitization market for government-insured mortgages during the second quarter of 2026 was the strongest since the fourth quarter of 2021. (Includes four data tables.)
Securitization
Non-Agency MBS Issuance Declines in Second Quarter
Issuance of non-agency mortgage-backed securities declined during the second quarter of 2026. Non-agency issuance involving GSE-eligible mortgages, though, was up slightly. (Includes data tables.)
Issuance
MBS/ABS Issuance Rises in 2Q26, But Momentum Stalls
Agency single-family MBS issuance rose 11% from the first to the second quarter, and midyear production was up 28% from 2025. But the refinance business is running out of gas and purchase-mortgage volume was flat compared with the first six months of last year. (Includes three data tables.)
MBS
Lenders Put an Emphasis on FHA, VA Loans in 2Q
With interest rates on mortgages rising, some agency business shifted to Ginnie Mae in the second quarter of 2026. Rocket surpassed UWM as the top issuer of agency MBS during the quarter. (Includes two data tables.)

Inside Mortgage Finance

Primary MI Volume, Characteristics Stable in Second Quarter
Lenders aren’t stretching to goose originations of GSE or government-insured loans. Issuance of agency MBS was fairly stable through the first half of 2026 and underwriting standards held firm, regardless of the presence of primary MI. (Includes three data tables.)
Carrington, Bayview Lead MSR Buyers, Strategies Vary
Carrington led MSR buyers in the first half of the year, focusing on loans with lower coupons. Bayview Asset Management ranked second, targeting mortgages with interest rates above 6.0%.
- Competition Tightens in Mortgage Employment
- VantageScore 4.0 Uptake Still Scant With GSEs
More Inside Mortgage Finance

Inside MBS & ABS

Consumer Debt Drives New ABS to Record High in 2Q
July 23, 2026
Securitization of consumer loans and credit cards saw huge gains from the first to the second quarter, helping ABS issuance set a new record. Stellantis was the top ABS issuer in the second quarter, while Bank of America ranked as the top underwriter. (Includes three data tables.)
Agency MBS Investors Happy With Backstop From GSEs
July 23, 2026
The Trump administration has provided little guidance on how the GSEs will achieve their goal of purchasing $200 billion of agency MBS. Still, actions by Fannie and Freddie have helped competing agency MBS investors get comfortable with activity by the mortgage giants.
Bayview Issues Forward-Flow Non-Agency MBS Deals
July 23, 2026
Bayview Asset Management recently issued two forward-flow deals, with the issuer adding to the pools during a prefunding period.
Warehouse Lending Securitization Could See Hit
July 23, 2026
The Basel re-proposal from federal bank regulators includes provisions that would limit mortgage warehouse lending and securitization by banks, according to industry participants.

More Inside MBS & ABS

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Inside Nonconforming Markets

Expanded-Credit MBS Issuance Declines in 2Q
July 17, 2026
Issuance of expanded-credit mortgages declined by 4.8% on a quarterly basis in the second quarter, with purchase-mortgage volume down. (Includes three data charts.)
Lack of Uniformity Among BPLs an Issue for Servicers
July 17, 2026
Servicers of business purpose loans noted challenges handling the asset class due to the customizable structure of the loans.
Home Equity Lender Button Finance Expands Into Non-QMs
July 17, 2026
Founded in 2019, New York-based Button Finance originally planned to focus on home equity lending, but is now branching out into non-qualified mortgages.
HEI Legislation Under Consideration in Congress
July 17, 2026
If passed, the Home Equity Lending Integrity Act would regulate home equity investment products, including subjecting HEIs to requirements under the Truth in Lending Act.

More Inside Nonconforming Markets

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Inside Mortgage Trends

LTV Ratios on GSE Deliveries Up in Second Quarter
July 10, 2026
The share of GSE purchase mortgages with LTV ratios above 80% increased during the second quarter to a level last seen in 2023. However, lenders held firm on credit scores and the high-LTV-ratio share of refi business declined. (Includes two data tables.)
Product Innovation Key for Growing Non-QM Market
July 10, 2026
Lenders are innovating their product offerings to meet the growing demand for non-qualified mortgages.
Lenders Looking at AI to Reduce Appraisal Risks
July 10, 2026
Artificial intelligence and stronger due diligence efforts can help reduce growing instances of appraisal fraud, according to mortgage investors and appraisers.
Primary MI Volume Up in 2Q, Led by FHA and VA
July 10, 2026
The FHA/VA share of agency business with primary mortgage insurance increased during the second quarter for both purchase mortgages and refis. In the first half of 2026, purchase-mortgage volume with primary MI was up only 2.7% from the first half of 2025. (Includes two data tables.)

More Inside Mortgage Trends

Inside FHA/VA Lending

Top Ginnie Servicers See Modest Growth in 2Q
Ginnie Mae single-family servicing outstanding increased modestly during the second quarter, but individual servicers’ portfolios saw big movements. (Includes four data tables.)
HUD Seeks Partial Claim Note Consolidation
The Department of Housing and Urban Development plans to pursue rulemaking to allow a partial claim to be secured under the original mortgage, rather than as a subordinate note.
VA to Update Partial Claim, Property Requirements
The Department of Veterans Affairs’ 2026 regulatory agenda mostly consists of planned updates to align with recent lawmaking.
Industry Seeks FHA Property Requirement Reforms
Trade groups urged FHA to adopt a more holistic approach to determining the condition of a property, aligning its standards with those of the government-sponsored enterprises.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
LTV Ratios on GSE Deliveries Up in Second Quarter
The share of GSE purchase mortgages with LTV ratios above 80% increased during the second quarter to a level last seen in 2023. However, lenders held firm on credit scores and the high-LTV-ratio share of refi business declined. (Includes two data tables.)
Inside Mortgage Finance
Primary MI Volume, Characteristics Stable in Second Quarter
Lenders aren’t stretching to goose originations of GSE or government-insured loans. Issuance of agency MBS was fairly stable through the first half of 2026 and underwriting standards held firm, regardless of the presence of primary MI. (Includes three data tables.)
Inside Nonconforming Markets
Expanded-Credit MBS Issuance Declines in 2Q
Issuance of expanded-credit mortgages declined by 4.8% on a quarterly basis in the second quarter, with purchase-mortgage volume down. (Includes three data charts.)
Inside MBS & ABS
Consumer Debt Drives New ABS to Record High in 2Q
Securitization of consumer loans and credit cards saw huge gains from the first to the second quarter, helping ABS issuance set a new record. Stellantis was the top ABS issuer in the second quarter, while Bank of America ranked as the top underwriter. (Includes three data tables.)
Inside the CFPB
CFPB to ‘Streamline’ Regulations, Help Small Businesses
The CFPB is planning a number of rulemaking activities across financial sectors. Many of the actions aim to reduce regulatory burdens.
Inside The GSEs
Big Banks Gain Market Share in Second Quarter
Despite a modest increase in volume in the second quarter, large independent mortgage lenders saw their market share fall to its lowest level since the fourth quarter of 2024. (Includes two data tables.)
Inside FHA/VA Lending
Top Ginnie Servicers See Modest Growth in 2Q
Ginnie Mae single-family servicing outstanding increased modestly during the second quarter, but individual servicers’ portfolios saw big movements. (Includes four data tables.)

Inside The GSEs

Big Banks Gain Market Share in Second Quarter
Despite a modest increase in volume in the second quarter, large independent mortgage lenders saw their market share fall to its lowest level since the fourth quarter of 2024. (Includes two data tables.)
FHFA to Seek Unexplained Privacy Act Exemptions
FHFA wants to claim exemptions “for certain system of records to ensure the agency can effectively carry out its statutory responsibilities while safeguarding sensitive information.”
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?