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.)

The parent companies of Planet Home Lending and United Wholesale Mortgage were hit with rating moves by Fitch Ratings, which cited an increase in corporate leverage at the companies.

The firm urged the Financial Accounting Standards Board to update fair value accounting standards for MSRs so they include recapture metrics.