Nearly all publicly traded banks reported declining income from mortgage banking in the fourth quarter of 2025. But most of them saw an increase in earnings for the full year. (Includes data table.)

Of a group of 25 publicly traded banks, all but four reported a decline in income from mortgage banking.

Monthly issuance of agency single-family MBS was up just 1.9% from December, boosted by a surge in cash-out refinances. Production in January 2026 rose 21.6% from the same month last year. (Includes two data tables.)

A 3% monthly increase in securitizations of purchase mortgages bolstered agency issuance in January to $119.95 billion, rising 1.9% on a monthly basis and 21.6% year-over-year.

On an annual basis, issuance in 2025 was the highest on record and a 15.1% gain from 2024.

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.)

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.)

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.)

The biggest gain was in the expanded-credit mortgage sector, where new issuance jumped 74.5% from 2024 to $78.24 billion last year.

The last time a single company held more than $1.0 trillion of agency servicing was 2019, near the end of the reign of Wells Fargo atop the servicing market.