Lender repurchases of GSE loans increased 19.8% from the second to the third quarter.

Recent buyback data suggest the 2024 vintage is one of the most pristine in modern GSE history, although repurchase volume was up in the third quarter of 2025. (Includes three data tables.)

Gain-on-sale margins improved in the third quarter, helping to offset a decline in net servicing income. (Includes data tables.)

Fannie and Freddie have upped their retained MBS holdings significantly in recent months, as have the Federal Home Loan Banks. Analysts expect money managers and insurance firms to remain key investors. (Includes two data tables.)

Holdings of MBS among REITs increased by 8.4% during the third quarter of 2025.

Annaly Capital Management remained the top REIT in MBS holdings, though several other shops expanded their portfolios at higher rates during the third quarter. The REIT industry added roughly $40 billion to its combined portfolio over the past year. (Includes two data tables.)

JPMorgan Chase’s trading account held the largest combined inventory of MBS, ABS and commercial MBS at the end of the third quarter, though the total was down slightly from June. (Includes two data tables.)

Agency MBS issuance in November hit a level last seen in August 2022 at the tail end of the pandemic-driven mortgage boom.

The gain in November agency MBS issuance came from another rise in rate-term refinance securitization. United Wholesale Mortgage, Rocket and Pennymac remained the top three agency sellers despite declines in monthly volume. (Includes two data tables.)

TD Bank, the largest bank investor in ABS, increased its portfolio significantly in the third quarter, but most of its peers reported declines. (Includes two data tables.)