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VantageScore CEO Brushes Off Lender-Choice Concerns
June 11, 2026
Silvio Tavares, president and CEO of VantageScore, downplayed concerns that some originators would use both classic FICO scores and VantageScore 4.0 in the underwriting process and pick the better of the two scores to qualify a borrower.
Trump Nominates Brian Johnson for CFPB Director
June 11, 2026
Johnson was deputy director of the CFPB during the first Trump administration.
Ginnie Issuance Ticks Down in May
June 11, 2026
The decline in issuance was driven by refinances, with refi volume off 16.8% on a monthly basis.
Spring EQ Fills CES Securitization From Cerberus
June 11, 2026
Spring EQ is a longtime player in the home equity loan market, but the firm is rarely the sole contributor to a securitization.

Issuance
Agency MBS Issuance Down in May as Refinance Falters
Agency purchase-mortgage volume was up modestly in May, while refinance activity, especially rate-term transactions, slowed dramatically. Total agency business may see another decline in June. (Includes two data tables.)
Originations
Correspondent Share Slips in First Quarter of 2026
Officials at Pennymac note that the correspondent channel has been losing some share to the GSEs. (Includes six data tables.)
Government-Insured Originations
FHA Refis Sole Bright Spot in First-Quarter Originations
Overall, FHA and VA lending declined by 8.3% on a quarterly basis in the first quarter of 2026. FHA refi volume was up, helped by loans to existing FHA borrowers. (Includes three data tables.)
Portfolios
Banks’ Mortgage Holdings Inch Down in First Quarter
Adjustable-rate mortgages accounted for 38.2% of first-lien holdings at banks and thrifts at the end of March, down from 42.6% at the end of December. (Includes data table.)
Servicing
Chase Lags on Non-Agency MBS Servicing
Among the top-five servicers handling non-agency mortgage-backed securities, JPMorgan Chase was the only servicer to see a drop in volume in the first quarter. (Includes data table.)
Investors
Bank Holdings of Consumer ABS Trend Higher in 1Q
Bank ABS holdings rose in the first quarter thanks to sizable gains in securities backed by consumer and auto loans. TD Bank accounted for much of the increase. (Includes two data tables.)

Inside Mortgage Finance

Jumbo Production, Market Share on the Rise
Originations of jumbo mortgages increased by 50% on an annual basis in the first quarter of 2026. The bulk of the volume is in non-agency jumbos, with the conforming jumbo sector also holding up. (Includes three data tables.)
Many Hurdles to Widespread Adoption of VantageScore
MBS investors aren’t sure how VantageScore scores compare with classic FICO scores. And a variety of systems used in the mortgage market need to be updated to allow for two scoring models.
- VantageScore Ready to Take Market Share From FICO
- Ginnie Head to Continue in FHA Commissioner Role
More Inside Mortgage Finance

Inside MBS & ABS

REITs Boost MBS Holdings, AGNC Rises to Top Investor
June 11, 2026
Annaly Capital Management slipped to second in REIT agency MBS investors as it diversifies into MSR and non-agency. AGNC Investment rose to the top, focused almost exclusively on agency MBS. (Includes two data tables.)
Demand for Non-Agency MBS Exceptionally Strong
June 11, 2026
The yield curve is helping to drive up demand for non-agency MBS. And rising delinquencies aren’t much of a concern for investors.
Bank CLO Holdings Drop Slightly in Early 2026
June 11, 2026
Analysts at Bank of America Global Research suggest that proposed changes to regulatory capital requirements could spur more bank CLO investment. (Includes one data table.)
Prepayment Penalties Appeal to Non-Agency Investors
June 11, 2026
The fees for early payoffs are only available for non-owner-occupied loans. The convexity profile they create for non-agency loans makes them attractive to MBS investors.

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency Jumbo Lending Drops in First Quarter
June 5, 2026
Originations of non-agency jumbo mortgages declined by 18.2% on a quarterly basis in the first quarter of 2026. (Includes one data table.)
Expanded-Credit MBS Continue to Get Bigger
June 5, 2026
Two of the largest expanded-credit MBS seen thus far in 2026 hit the market recently, with investor demand remaining strong.
Increased Liquidity Boosts Non-Agency Opportunities
June 5, 2026
With more demand than supply, interest rates on DSCR mortgages are converging with agency rates.
Denial Rates on Jumbos Drop Again in 2025
June 5, 2026
The denial rate on jumbo mortgages fell to 12.1% in 2025, down from 13.0% in 2024. (Includes one data table.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Primary MI Volume Falls in 1Q; FHA Boosts Refi Share
May 29, 2026
The volume of loans with primary insurance coverage flowing into agency mortgage-backed securities declined during the first quarter of 2026. FHA refinances in agency MBS issuance were up 8.0%. (Includes two data tables.)
Rocket Mortgage Begins Using VantageScore 4.0
May 29, 2026
A senior executive at the mortgage giant provides a rare glimpse into the how the new credit score impacts lender operations.
Banks’ Servicing Valuations Strengthen in First Quarter
May 29, 2026
Banks and thrifts decreased the amount of mortgage servicing they handle for other entities in the first quarter. Meanwhile, valuations for the servicing asset increased for the third straight quarter. (Includes data table.)
GO Mortgage to Compete in Wholesale Channel Using AI
May 29, 2026
Florida-based GO Mortgage believes its mix of strong technology and personal touch will differentiate the lender from giants in the wholesale channel.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Issuance Down in May as Refis Slump
After a boomlet in April, Ginnie issuance declined a bit in May. Refi volume declined, while issuance involving purchase mortgages ticked up thanks to spring homebuying. (Includes two data tables.)
Cassidy Exits FHA Commissioner Role
Frank Cassidy, who stepped away from his position as FHA commissioner in April on what was originally a temporary leave of absence, announced this week that he’s returning to the private sector.
VA Updates Loss-Mitigation Policies to Add Partial Claim
The Department of Veterans Affairs updated its loss mitigation waterfall to incorporate the partial claim option that’s received much fanfare since its political inception.
FHA Invites Critique of Property Requirements
FHA is seeking comments on its minimum property requirements, signaling the possibility of future alignment with the government-sponsored enterprises.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Primary MI Volume Falls in 1Q; FHA Boosts Refi Share
The volume of loans with primary insurance coverage flowing into agency mortgage-backed securities declined during the first quarter of 2026. FHA refinances in agency MBS issuance were up 8.0%. (Includes two data tables.)
Inside Mortgage Finance
Jumbo Production, Market Share on the Rise
Originations of jumbo mortgages increased by 50% on an annual basis in the first quarter of 2026. The bulk of the volume is in non-agency jumbos, with the conforming jumbo sector also holding up. (Includes three data tables.)
Inside Nonconforming Markets
Non-Agency Jumbo Lending Drops in First Quarter
Originations of non-agency jumbo mortgages declined by 18.2% on a quarterly basis in the first quarter of 2026. (Includes one data table.)
Inside MBS & ABS
REITs Boost MBS Holdings, AGNC Rises to Top Investor
Annaly Capital Management slipped to second in REIT agency MBS investors as it diversifies into MSR and non-agency. AGNC Investment rose to the top, focused almost exclusively on agency MBS. (Includes two data tables.)
Inside the CFPB
CFPB Facing Lawsuit Over Changes to ECOA Standards
The lawsuit filed by consumer advocacy groups contended that the new ECOA rule is a drastic turn from decades of interpretation and enforcement of the statute.
Inside The GSEs
Margins Dip at FHLBanks in First Quarter
Four of the 11 regional Federal Home Loan Banks saw double-digit declines in net income in the first quarter, even though total assets grew for the period. (Includes three data tables.)
Inside FHA/VA Lending
Ginnie Issuance Down in May as Refis Slump
After a boomlet in April, Ginnie issuance declined a bit in May. Refi volume declined, while issuance involving purchase mortgages ticked up thanks to spring homebuying. (Includes two data tables.)

Inside The GSEs

Margins Dip at FHLBanks in First Quarter
Four of the 11 regional Federal Home Loan Banks saw double-digit declines in net income in the first quarter, even though total assets grew for the period. (Includes three data tables.)
FICO, VantageScore Continue Battle
A new Milliman study finds that FICO 10T is more predictive of default risk across the full range of credit scores. VantageScore said the study is full of “statistical swindles.”
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?