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High Interest Rates, Market Uncertainty Weigh on Nonbank Earnings
August 24, 2026
A group of 13 publicly traded nonbanks reported a combined $2.20 billion in mortgage-banking income for the second quarter, down 32.3% from the first quarter.
Another Round of Firings at Fannie Mae
August 24, 2026
Pulte-led Federal Housing Finance Agency presides over further reductions in the senior staff at Fannie Mae, terminating as many as a dozen executives last week.
Industry Groups Raise Concerns as New Condo Rules Go Into Effect
August 24, 2026
Industry groups — including the Community Associations Institute, the Community Home Lenders of America and the National Association of Realtors — made their displeasure about the change to condo loan applications known in a recent joint letter to Federal Housing Finance Agency Director Bill Pulte.
NEXA Lending Acquires UMortgage
August 24, 2026
As part of the merger, UMortgage CEO Anthony Casa will join NEXA as an executive partner.

Earnings
GSEs Deliver Consistent Profits; No Closer to Solvency
Combined net interest income at the GSEs has averaged $12.94 billion per quarter over the past year. And since the beginning of 2022, combined net income hasn’t dipped below $11.29 billion. (Includes data table.)
Earnings
Bank Mortgage Earnings Tick Up in Second Quarter
A group of 26 banks increased their mortgage earnings by 3.8% on a quarterly basis during the second quarter. Six months into the year, earnings were down 1.0% compared with the first half of 2025, with interest rates weighing on production. (Includes two data tables.)
Commercial MBS
Non-Agency Pushes CMBS Issuance Up Slightly in 2Q
A record $11.35 billion of industrial-property mortgages were securitized in non-agency CMBS during the second quarter. Office properties and multifamily also saw big gains, while agency multifamily MBS production faltered. (Includes two data tables.)
Mortgage Insurance
PMIs Gain Purchase Share, Refinance Share Slips
Primary mortgage insurance activity was up 17% in the second quarter after a slow start to the year, with private insurers claiming more of the purchase market but losing share in refinances. (Includes four data tables.)
Government-Insured Servicing
FHA Loss-Mitigation Removals Spike in 2Q
The amount of FHA loans removed from Ginnie Mae securities for loss-mitigation purposes more than doubled from the first to the second quarter. Overall, repurchases from the Ginnie program declined slightly. (Includes two data charts.)
Issuance
Prime Non-Agency MBS Issuance Drops in 2Q
Issuance of prime non-agency mortgage-backed securities cooled off somewhat in the second quarter of 2026, but remained elevated on an annual basis. (Includes three data tables.)

Inside Mortgage Finance

Refis Trail Off in 2Q, Purchase Lending Slightly Ahead of 2025
Refi volume declined by 32.7% from the first quarter to the second but nearly doubled year to date. Meanwhile, purchase-mortgage originations increased by just 4.7% year to date. (Includes five data tables.)
UWM, Two Harbors Lawsuit Highlights Role of Trust in M&A
UWM accused Two Harbors executives of subversion, inaction and lies to stop its planned acquisition of the real estate investment trust.
- Delinquencies Increase at Large Servicers in Second Quarter
- Lenders Back FHFA Proposal to Adjust SCP
More Inside Mortgage Finance

Inside MBS & ABS

Fitch Retains Top Ranking in MBS & ABS Ratings in 2Q
August 20, 2026
Morningstar DBRS and Moody’s gained share in non-agency MBS ratings in the second quarter, while S&P made up ground in the ABS market. Fitch, however, remained the top rating service in both sectors. (Includes two data charts.)
Securitization of Home Equity Loans Cools
August 20, 2026
Even when excluding a large issuance in the first quarter of seasoned closed-end second liens, securitizations of home equity loans declined on a quarterly basis in the second quarter. (Includes three data files.)
Egan-Jones Still Working on Approval for ABS Ratings
August 20, 2026
Off and on since 2013, Egan-Jones Ratings Company has sought certification from the SEC for ratings of ABS. Last week, the SEC denied the latest application from the rating service.
Residential Whole Loans Remain Attractive Option for Insurers
August 20, 2026
Insurance companies continue to grow their residential whole-loan portfolios as they look to diversify investments.

More Inside MBS & ABS

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Inside Nonconforming Markets

Chase Non-Agency RMBS Servicing Rebounds in 2Q
August 14, 2026
JPMorgan Chase was the only servicer among the top five that handled new servicing on non-agency mortgage-backed securities to post a quarterly increase during the second quarter. (Includes data table.)
HomeXpress Boosts Profits, Increases Originations
August 14, 2026
HomeXpress Mortgage originated $1.1 billion of loans during the second quarter of 2026 and posted a profit of $8.7 million.
Genesis, Lima One Increase RTL Originations in 2Q
August 14, 2026
The residential transition loan units of Newrez and MFA Financial generated solid growth during the second quarter.
Fraud Risk Elevated for Non-QMs as Sector Expands
August 14, 2026
An industry attorney suggested safeguards warehouse lenders and non-qualified mortgage originators should take to protect themselves from fraud.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Nonbanks See Decline in Mortgage-Banking Income in 2Q
August 21, 2026
A group of 13 publicly traded nonbank lenders reported a combined $2.20 billion in mortgage-banking income for the second quarter, down 32.3% from the first quarter. (Includes data table.)
Mortgage Defect Rate Posts Biggest Quarterly Jump in 4 Years
August 21, 2026
A brief increase in refinance activity during the first quarter of 2026 pushed the defect rate to a recent high, according to ACES Quality Management.
Bank MSR Values Steady; Portfolios Lowest Since 2005
August 21, 2026
The banking industry continued to pare its servicing-for-others. But MSR values held steady on a quarterly basis at the end of June. (Includes data table.)
CFPB RFI Sparks Renewed Interest in LO Comp Reform
August 21, 2026
The Community Home Lenders of America urged the CFPB to pursue loan originator compensation reform as the bureau weighs changes to the TILA-RESPA Integrated Disclosures rule.

More Inside Mortgage Trends

Inside FHA/VA Lending

Slowing Refis Drag on Ginnie Issuance in July
Issuance of Ginnie Mae mortgage-backed securities eased in July as securitizations of refinances dropped. (Includes two data tables.)
Pennymac, Vendor Move Quickly on VA Loss-Mit
The nonbank servicer and a tech vendor separately implemented VA’s partial claim loss-mitigation option well in advance of VA’s deadline.
VA Averts Legal Foreclosure Risks From Partial Claims
The agency sought to address the legal risks servicers face when foreclosing on a home in which the VA has a partial claim interest.
FHA Continues Testing Updated Appraisal Forms
FHA is testing the Uniform Appraisal Dataset 3.6 among a select group of lenders, as Fannie Mae and Freddie Mac lenders face a mandatory implementation date.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Nonbanks See Decline in Mortgage-Banking Income in 2Q
A group of 13 publicly traded nonbank lenders reported a combined $2.20 billion in mortgage-banking income for the second quarter, down 32.3% from the first quarter. (Includes data table.)
Inside Mortgage Finance
Refis Trail Off in 2Q, Purchase Lending Slightly Ahead of 2025
Refi volume declined by 32.7% from the first quarter to the second but nearly doubled year to date. Meanwhile, purchase-mortgage originations increased by just 4.7% year to date. (Includes five data tables.)
Inside Nonconforming Markets
Chase Non-Agency RMBS Servicing Rebounds in 2Q
JPMorgan Chase was the only servicer among the top five that handled new servicing on non-agency mortgage-backed securities to post a quarterly increase during the second quarter. (Includes data table.)
Inside MBS & ABS
Fitch Retains Top Ranking in MBS & ABS Ratings in 2Q
Morningstar DBRS and Moody’s gained share in non-agency MBS ratings in the second quarter, while S&P made up ground in the ABS market. Fitch, however, remained the top rating service in both sectors. (Includes two data charts.)
Inside the CFPB
Johnson’s Past Remarks Offer Insight on His Priorities for CFPB
Brian Johnson, CFPB director nominee, over the years has criticized the CFPB’s enforcement of RESPA, among other issues.
Inside The GSEs
GSE Single-Family Business Declines in July as Refis Slump
Seven of the top 10 GSE sellers saw a monthly decline in deliveries to Fannie Mae and Freddie Mac in July. (Includes two data tables.)
Inside FHA/VA Lending
Slowing Refis Drag on Ginnie Issuance in July
Issuance of Ginnie Mae mortgage-backed securities eased in July as securitizations of refinances dropped. (Includes two data tables.)

Inside The GSEs

GSE Single-Family Business Declines in July as Refis Slump
Seven of the top 10 GSE sellers saw a monthly decline in deliveries to Fannie Mae and Freddie Mac in July. (Includes two data tables.)
Little Pushback to Proposed Weakening of SCP Rule
FHFA’s plan to remove the term reputational harm from the suspended counterparty program regulation appears to have near universal support from mortgage industry stakeholders.
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?