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Ginnie Share of Mortgage Servicing Reaches 18.3% in 3Q
December 19, 2025
The GSE share of servicing outstanding fell from 46.4% at the end of June to 46.1% at the end of September.
Average Home Sale Price at KB Home Drops to 2023 Level
December 19, 2025
In the fourth quarter of fiscal year 2025, the average sale price for homes sold by KB Home was $465,600.
Ginnie to Align Liquidation Reporting With GSE Standards
December 19, 2025
The Mortgage Bankers Association said its members see value in switching to short-term liquidation reporting.
Non-QM Lenders Tapping AI to Automate Underwriting
December 19, 2025
Jayendran GS, CEO of Prudent AI, a mortgage tech provider, said the growing presence of AI in underwriting is alleviating some lender fear around the technology.

Agency MBS
Largest Sellers See GSE Deliveries Wane in November
UWM, Rocket and Pennymac all sold fewer mortgages to the GSEs in November than in October. That contributed to a 1.3% monthly decline in GSE MBS issuance. (Includes two data tables.)
Channels
Third-Party Lenders Boost Market Share in Third Quarter
Wholesale-brokers and correspondent aggregators increased their market share in all three major product categories. Retail continued to lead conventional-conforming lending. (Includes two data tables.)
Repurchases
Bank Mortgage Repurchases Decline in Third Quarter
The dollar volume of mortgage repurchases by banks declined by 5.4% on a sequential basis during the third quarter. Western Alliance Bank led in loan removals for the second straight quarter. (Includes data table.)
Investors
Mortgage REITs Up Agency MBS, Shed Non-Agency
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.)
Nonconforming
Agency Jumbo Business Level During Third Quarter
Some $13.26 billion of high-balance mortgages were included in agency MBS issued during the third quarter of 2025. Nine months into the year, agency high-balance sales were down somewhat on an annual basis, with the decline concentrated in sales to the GSEs. (Includes three data tables.)
Jumbo
Non-Agency Jumbo Originations Slow in Third Quarter
Originations of non-agency jumbo mortgages declined by 6.4% during the third quarter of 2025. (Includes data table.)

Inside Mortgage Finance

Ginnie Servicing Share Ticks Up Again in Third Quarter
Mortgages tied to Ginnie Mae accounted for 18.3% of total servicing outstanding at the end of September. Some servicing share shifted away from the GSEs, though Fannie and Freddie still dominate. (Includes two data tables.)
Warehouse Lending Commitments Up Slightly in 3Q
Refi originations push warehouse lending commitments up during the third quarter. On an annual basis, commitments were up 11.1%, with a handful of warehouse lenders putting a strong emphasis on the business. (Includes data table.)
- Mortgage Industry Backs CFPB’s ECOA Proposal
- MBA Seeks Score Threshold for Tri-Merge System at GSEs
More Inside Mortgage Finance

Inside MBS & ABS

Ginnie Mae Speeds Up Liquidation Reporting
December 18, 2025
Issuers will be required to report the removal of single-family loans from Ginnie MBS one business day following the liquidation, bringing reporting requirements in line with Fannie Mae and Freddie Mac.
GSEs, Credit Unions and REITs Moving on MBS
December 18, 2025
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.)
Pilot Program Takes Closer Look at FHLBank Advance Collateral
December 18, 2025
RiskSpan is piloting a platform that would provide the FHLBanks much more precise and timely views into the status and quality of the mortgage loans pledged against their advances.
Tokenization Could Help Track Portable Mortgages
December 18, 2025
Adoption of portable mortgages would be difficult under current practices in the secondary market. An official at Intercontinental Exchange believes that tokenization could address the issue.

More Inside MBS & ABS

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Inside Nonconforming Markets

Retail Share of Nonconforming Lending Declines in 3Q
December 12, 2025
Both the correspondent and broker channels picked up some market share from the retail channel in the third quarter of 2025. At Chase, the largest nonconforming retail lender among a group of 38 lenders, retail volume was up 1.6% during the third quarter. (Includes two data tables.)
Strong Support for SEC to Help Non-Agency Market
December 12, 2025
A push by the Securities and Exchange Commission to revise disclosure standards for publicly-registered non-agency MBS has broad support.
Citi Sends GSE Loans With Private MI to Non-Agency MBS
December 12, 2025
Some 36.5% of the mortgages in a new $365.0 million non-agency MBS from Citi have private mortgage insurance and were eligible for delivery to Fannie Mae and Freddie Mac.
Backflip Issues Its First RTL Securitization
December 12, 2025
Backflip closed its first residential transition loan securitization last week, a $95 million deal.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Production Picks up Slack as Servicing Income Fades
December 19, 2025
Gain-on-sale margins improved in the third quarter, helping to offset a decline in net servicing income. (Includes data tables.)
Bank Mortgage Earnings Up 6.1% in Third Quarter
December 12, 2025
Banks and thrifts had a combined $2.49 billion of mortgage-banking income in the third quarter. Western Alliance Bank stood out, more than doubling its earnings from the second quarter. (Includes data table.)
Planet Financial, UWM Facing Some Financial Pressure
December 19, 2025
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.
Bank Retail Lending Slows in 3Q, Mortgage Sales Rise
December 19, 2025
SoFi Bank posted an 18.2% quarterly increase in retail lending in the third quarter, while the market as a whole contracted. The bank is looking to cross-sell mortgages to its customers. (Includes two data tables.)

More Inside Mortgage Trends

Inside FHA/VA Lending

Refis Push Ginnie Issuance Up in November
November issuance of Ginnie Mae single-family mortgage-backed securities increased as lower interest rates continued to drive refinance activity. (Includes two data tables.)
Planet Home Sees Lenders Turning to Ginnie PIIT
Planet Home Lending activated the Ginnie Mae pools issued for immediate transfer program in the third quarter in response to mounting demand from its correspondent lender partners.
FHA Floats Allowing CWCOT Providers Greater Ties to Servicers
FHA proposed loosening restrictions on auction platforms for claims without conveyance of title sales.
HECM Lenders Call for Changes to Upfront Premiums
Industry groups recommended that FHA consider reverting the upfront mortgage insurance premiums on home equity conversion mortgages to the previous risk-based model.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Production Picks up Slack as Servicing Income Fades
Gain-on-sale margins improved in the third quarter, helping to offset a decline in net servicing income. (Includes data tables.)
Inside Mortgage Finance
Ginnie Servicing Share Ticks Up Again in Third Quarter
Mortgages tied to Ginnie Mae accounted for 18.3% of total servicing outstanding at the end of September. Some servicing share shifted away from the GSEs, though Fannie and Freddie still dominate. (Includes two data tables.)
Inside Nonconforming Markets
Retail Share of Nonconforming Lending Declines in 3Q
Both the correspondent and broker channels picked up some market share from the retail channel in the third quarter of 2025. At Chase, the largest nonconforming retail lender among a group of 38 lenders, retail volume was up 1.6% during the third quarter. (Includes two data tables.)
Inside MBS & ABS
GSEs, Credit Unions and REITs Moving on MBS
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.)
Inside the CFPB
NTEU, Trump Admin Split on Breadth of March Injunction
While both parties agreed that the court’s preliminary injunction is still in effect, the CFPB asked the court not to use the injunction to address questions surrounding the bureau’s funding.
Inside The GSEs
Seller Buybacks Surge in 3Q25, Pipeline Also Rises
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.)
Inside FHA/VA Lending
Refis Push Ginnie Issuance Up in November
November issuance of Ginnie Mae single-family mortgage-backed securities increased as lower interest rates continued to drive refinance activity. (Includes two data tables.)

Inside The GSEs

Seller Buybacks Surge in 3Q25, Pipeline Also Rises
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.)
Fannie Mae Set to Move San Francisco Office to Alabama
Sen. Tommy Tuberville, R-AL, said the move will not only save the taxpayers money, but it will bring jobs to his state.
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?