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Nonconforming Share of Originations Hits 20.9% in 2025
February 27, 2026
Some $401.0 billion of nonconforming mortgages were originated in 2025.
Rocket Returns to Profitability in Fourth Quarter
February 27, 2026
"We structurally doubled the capacity of every production team member through technology," said Varun Krishna, CEO and director of Rocket Companies.
Ginnie Working on Changes to Acknowledgment Agreements
February 27, 2026
Gormley said Ginnie Mae is working with the Mortgage Bankers Association and the Housing Policy Council on the effort.
Figure Looking to Take Market Share From the GSEs
February 27, 2026
Michael Tannenbaum, CEO of Figure Technology Solutions, said some lenders are on the verge of shifting some of their mortgage business from the GSEs to FTS.

Agency MBS
M&A Reshapes Conventional Mortgage Market
Mergers caused deliveries of conventional mortgages from Rocket and Bayview to spike, reshuffling the leaderboard for GSE sellers. (Includes two data tables.)
Mortgage Insurance
Refinances Lift Primary MI to a Strong Finish in 2025
Strong refinance business offset a decline in new primary MI coverage on purchase mortgages during the fourth quarter. Default rates and losses were on the upswing. (Includes four data tables.)
Earnings
Bank MB Earnings Slump in 4Q25 Despite Higher Volume
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.)
Channels
Correspondents Lose Share in Agency Securitizations
Correspondent lenders lost market share to wholesale-brokers in agency securitizations as refinances made a strong comeback in the fourth quarter of 2025. Credit quality improved across the board. (Includes two data tables.)
Commercial MBS
CRE Securitization Rises in 2025 With Agency MF Boost
Securitization of industrial properties, including data centers, was the hottest sector in non-agency commercial MBS last year. Meanwhile, all three agencies saw hefty increases in multifamily MBS issuance. (Includes two data tables.)
Originations
Refi Lending Nearly Doubles in 4Q, Purchase Share Drops
Refi originations increased by 96.8% on a quarterly basis in the fourth quarter of 2025. For the full year, refi volume was up 61.2% while purchase-mortgage lending increased by 2.4%. (Includes five data tables.)

Inside Mortgage Finance

Originations Rise Across Products in Fourth Quarter
The nonconforming market continued to gain share during the fourth quarter. In all of 2025, the nonconforming sector accounted for 20.9% of first-lien originations, up from a 16.6% share in 2024. (Includes two data tables.)
Appeals Court Struggles to Define NTEU Injunction
The Trump administration claimed that federal courts have no authority to prevent it from carrying out its duties, while the NTEU argued that blocking a planned reduction-in-force at the CFPB is essential to ensure the agency still exists at the conclusion of the lawsuit.
- Ishbia Lets UWM’s 4Q Earnings Do the Talking
- Trade Groups Push for Additional Bank Capital Reforms
More Inside Mortgage Finance

Inside MBS & ABS

Home Equity Loan Securitization Growth Levels Off
February 26, 2026
Home equity investment deals propped up issuance of home equity loan securitizations in the fourth quarter. For the full year, HEL securitizations nearly doubled from 2024 levels. (Includes three data tables.)
Fraud Concerns in ABS and MBS Markets Dissipate
February 26, 2026
Despite some concerns tied to fraud and performance, investors are optimistic that issuance volume will increase this year.
Ginnie Mae Eyes Changes to Acknowledgment Agreements
February 26, 2026
The government agency is working with industry trade groups on potential revisions to its issuer acknowledgment agreements.
Non-QM, Home Equity Lending Expected to Boost MBS
February 26, 2026
Non-qualified mortgage loans and home equity products are gaining interest from investors, driving securitization up.

More Inside MBS & ABS

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Inside Nonconforming Markets

Select Portfolio Loses Some Servicing Market Share in 4Q
February 27, 2026
Select Portfolio Servicing and Newrez/Shellpoint, the top two servicers of non-agency MBS issued during the fourth quarter of 2025, handled nearly 50% of the market. But both lost market share.
Angel Oak REIT Leans into HELOCs; Income Steady in 4Q
February 27, 2026
Though Angel Oak Mortgage REIT’s main focus is non-qualified mortgages, the REIT plans to regularly participate in securitizing home equity lines of credit.
MFA Financial’s Income Increases; BPL Lender Expands
February 27, 2026
MFA Financial posted an increase in income in the fourth quarter of 2025. The firm’s BPL lender Lima One launched a wholesale channel and plans to relaunch multifamily lending in early 2026.
Redwood Markets Inaugural Aspire Securitization
February 27, 2026
The $391.3 million non-qualified mortgage securitization received preliminary AAA ratings from three firms. The REIT had been selling the production primarily as whole loans until now.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Mortgage-Banking Earnings at Banks Level Off in 4Q
February 20, 2026
When excluding a one-time jump in Capital One’s earnings, mortgage-banking earnings at banks and thrifts declined by 2.9% during the fourth quarter of 2025. Still, earnings for the full year improved compared with 2024. (Includes data table.)
UWM Faced Competition in Acquisition of Two Harbors
February 20, 2026
UWM first made an unsolicited bid for Two Harbors in December 2024. Three other companies subsequently made formal bids for Two Harbors, with UWM prevailing in December 2025.
Bank Servicing Declines in 4Q, MSR Fair Values Up
February 20, 2026
Servicing for others by banks declined by 0.6% during the fourth quarter of 2025. Meanwhile, the fair value of MSRs classified as serviced for others increased. (Includes data table.)
Borrowers Stressed by Rising Property Taxes and Insurance
February 20, 2026
Servicers have limited means to mitigate continued increases in tax assessments and property insurance premiums that squeeze borrowers.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Mae Issuance Rebounds in January; USDA Loans Spike
Issuance of Ginnie Mae mortgage-backed securities increased modestly during January. Issuance backed by USDA recovered to recent highs after a partial shutdown halted endorsements late last year. (Includes two data tables.)
Late FHA Loans Linger in New Loss-Mit Waterfall
Delinquent FHA loans stay that way for longer under the loss-mitigation updates FHA rolled out at the start of the fourth quarter.
House Bill Would Raise Fees on VA IRRRLs
The House Committee on Veterans’ Affairs advanced a bill that would raise fees on the Department of Veterans Affairs’ streamlined interest rate reduction refinance loans.
HUD Funded Through FY2026, Bump for FHA
The Department of Housing and Urban Development has been funded through the 2026 fiscal year by the consolidated appropriations package signed into law last week.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Mortgage-Banking Earnings at Banks Level Off in 4Q
When excluding a one-time jump in Capital One’s earnings, mortgage-banking earnings at banks and thrifts declined by 2.9% during the fourth quarter of 2025. Still, earnings for the full year improved compared with 2024. (Includes data table.)
Inside Mortgage Finance
Originations Rise Across Products in Fourth Quarter
The nonconforming market continued to gain share during the fourth quarter. In all of 2025, the nonconforming sector accounted for 20.9% of first-lien originations, up from a 16.6% share in 2024. (Includes two data tables.)
Inside Nonconforming Markets
Prime Non-Agency MBS Issuance Up Nearly 40% in 2025
Rate-term refinances and loans eligible for sale to the GSEs helped to increase issuance of prime non-agency MBS in 2025. (Includes three data tables.)
Inside MBS & ABS
Home Equity Loan Securitization Growth Levels Off
Home equity investment deals propped up issuance of home equity loan securitizations in the fourth quarter. For the full year, HEL securitizations nearly doubled from 2024 levels. (Includes three data tables.)
Inside the CFPB
Consumer Relief Tied to CFPB Complaints Declines
As of November, only 5% of consumer gripes filed with the CFPB were closed with relief, according to Sen. Elizabeth Warren, D-MA.
Inside The GSEs
Fannie Mae, Freddie Mac Profits Decline in 2025
Despite remarkably stable revenues and meaningful improvements in mortgage rates, below-the-line factors at Fannie and Freddie took a significant bite out of profits in 2025. (Includes data table.)
Inside FHA/VA Lending
Ginnie Mae Issuance Rebounds in January; USDA Loans Spike
Issuance of Ginnie Mae mortgage-backed securities increased modestly during January. Issuance backed by USDA recovered to recent highs after a partial shutdown halted endorsements late last year. (Includes two data tables.)

Inside The GSEs

Fannie Mae, Freddie Mac Profits Decline in 2025
Despite remarkably stable revenues and meaningful improvements in mortgage rates, below-the-line factors at Fannie and Freddie took a significant bite out of profits in 2025. (Includes data table.)
Rep. Hill Unimpressed by Trump’s GSE ‘IPO’ Plan
The White House may face some opposition from its own party if it moves toward major GSE reform without Congress.
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?