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Banks Post 4Q Dips in Mortgage Income
February 6, 2026
Of a group of 25 publicly traded banks, all but four reported a decline in income from mortgage banking.
Class Action Filed Against UWM Over Robocalls
February 6, 2026
The suit alleges that United Wholesale Mortgage continued to call individuals who were on the federal Do Not Call registry or who had requested UWM stop communications.
CMBS Maturities Closer Than They Appear
February 6, 2026
Delinquencies on commercial mortgage-backed securities are up to 8.75% if adjusted for loans that are current on payments but past maturity.
Trump Admin's Housing Market Contradictions
February 6, 2026
President Trump's recent statements express support for pushing home prices higher but the administration is also touting that it has driven prices lower.

Servicing
Agency MSR Transfers Pick Up in Fourth Quarter of 2025
Setting aside Rocket Mortgage’s acquisition of Mr. Cooper Group, bulk MSR sales increased during the fourth quarter, including $58.25 billion of acquisitions by CrossCountry Mortgage. (Includes three data tables.)
CLO/CDO
Record Year for CLO, But Issuance Slowed in 4Q25
Reset and refinance deals accounted for nearly 60% of last year’s bumper crop of CLOs that totaled more than $607 billion. (Includes two data tables.)
Originations
Originations Increase in Fourth Quarter With Refi Push
Production of first-lien residential mortgages increased by 17.3% during the fourth quarter of 2025. Refinances soared while purchase-mortgage activity declined as part of a seasonal trend. (Includes two data tables.)
Ginnie Mae Issuance
Ginnie Refi Issuance in 4Q Surges Closer to Pandemic Levels
Ginnie Mae issuance of mortgage-backed securities backed by refinance loans zoomed in the fourth quarter to highs not seen since the pandemic boom. (Includes four data tables.)
Expanded Credit
Non-Agency MBS Issuance Jumps 61% in 2025
Issuance of expanded-credit MBS increased by nearly 80% on an annual basis in 2025 to $75.91 billion. Prime non-agency MBS issuance was up nearly 40% to $45.19 billion. (Includes data table.)
ABS
ABS Issuance Hits Record in 2025 Despite Late Decline
Car manufacturers accounted for about half of the record $165 billion of vehicle ABS issued last year. The share of nonprime loans to car buyers was up slightly from 2024. (Includes three data tables.)

Inside Mortgage Finance

New Nonbank Servicing Giant Emerges in Fourth Quarter
Rocket Mortgage ended the fourth quarter of 2025 with more than $2 trillion in primary servicing, thanks to its acquisition of Mr. Cooper Group. And for the first time a bank isn’t first in owned servicing. (Includes three data tables.)
MBA Criticizes CDIA Argument Over Credit Report Requirements
Bob Broeksmit, president and CEO of MBA, said the CDIA is distorting mortgage lenders’ position and reason for urging a change to the tri-merge credit reporting requirement.
- VantageScore 4.0 Was Not Approved by GSEs
- GSE Privatization Unlikely During Election Year
More Inside Mortgage Finance

Inside MBS & ABS

January Ushers In New Year With Modest Gain in MBS
February 5, 2026
Monthly issuance of agency single-family MBS was up just 1.9% from December, boosted by a surge in cash-out refinances. Production in January 2026 rose 21.6% from the same month last year. (Includes two data tables.)
HEI Securitization to See Strong Momentum in 2026
February 5, 2026
The HEI securitization market is expected to continue growing in 2026, helped by growing borrower awareness and investor appetite.
CHLA Calls for Ginnie Liquidity Improvements
February 5, 2026
The Community Home Lenders of America reiterated its support for program revisions at Ginnie Mae to ease liquidity challenges faced by small and mid-sized nonbanks.
CMBS Delinquency Rate Rises, Maturities Refinanceable
February 5, 2026
The commercial MBS delinquency rate climbed in December. Record CMBS issuance as well as a fading maturity wall are expected in 2026.

More Inside MBS & ABS

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Inside Nonconforming Markets

Expanded-Credit MBS Issuance Slows in 4Q
January 30, 2026
Issuance of expanded-credit mortgage-backed securities declined during the fourth quarter of 2025, marking the first quarterly decline in issuance for the sector in two years. (Includes three data tables.)
Annaly’s Non-Agency Conduit Has Record Year
January 30, 2026
Annaly Capital Management achieved company records in lock volume and securitization issuance during the fourth quarter of 2025.
Non-Agency Lenders Bracing for Decline in Interest Rates
January 30, 2026
With the potential for interest rates to decline further, originators in the RTL and DSCR space have varying strategies for dealing with volume changes.
Fraud Risks Persist for Non-Agency Mortgages
January 30, 2026
Industry participants recently warned against common types of fraud involving DSCR mortgages and residential transition loans.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Bank MB Earnings Slump in 4Q25 Despite Higher Volume
February 6, 2026
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.)
Correspondents Lose Share in Agency Securitizations
February 6, 2026
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.)
Lenders Increasingly Leveraging Data Intelligence for Retention
February 6, 2026
Michael Patterson, chief operating officer at Freedom Mortgage, said intelligently using data collected from borrowers is key to improving customer experience and boosting retention.
Tech to Help Small Lenders Compete With Big Players
February 6, 2026
Experts believe lenders will leverage new technologies to improve the customer experience.

More Inside Mortgage Trends

Inside FHA/VA Lending

FHA Delinquencies Rise to Pandemic Levels
The delinquency rate on FHA-insured mortgage loans jumped nearly a percentage point during the fourth quarter of 2025 to surpass the reading at the end of 2020. (Includes four data tables.)
MBA Dismisses CHLA Concerns Over Single-File Credit Pulls
The Mortgage Bankers Association said a move to a single-file credit system at Fannie and Freddie wouldn’t undermine government lending programs, but might instead encourage them to follow suit.
MBA Joins Push to Revisit FHA Insurance Premiums
The Mortgage Bankers Association joined a growing chorus of industry groups calling for FHA to revisit its mortgage insurance premiums following a strong show of the Mutual Mortgage Insurance Fund.
Ginnie Expands Scope of AI Pilots for Loan-Level Push
Ginnie Mae launched pilot applications of artificial intelligence in its operations last year as it works to speed up its transition from pool- to loan-level operations.

More Inside FHA/VA Lending

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Inside Mortgage Trends
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.)
Inside Mortgage Finance
New Nonbank Servicing Giant Emerges in Fourth Quarter
Rocket Mortgage ended the fourth quarter of 2025 with more than $2 trillion in primary servicing, thanks to its acquisition of Mr. Cooper Group. And for the first time a bank isn’t first in owned servicing. (Includes three data tables.)
Inside Nonconforming Markets
Expanded-Credit MBS Issuance Slows in 4Q
Issuance of expanded-credit mortgage-backed securities declined during the fourth quarter of 2025, marking the first quarterly decline in issuance for the sector in two years. (Includes three data tables.)
Inside MBS & ABS
January Ushers In New Year With Modest Gain in MBS
Monthly issuance of agency single-family MBS was up just 1.9% from December, boosted by a surge in cash-out refinances. Production in January 2026 rose 21.6% from the same month last year. (Includes two data tables.)
Inside the CFPB
Mortgage Complaints to CFPB Tick Up in Fourth Quarter
Consumer grievances filed with the CFPB related to mortgages increased steadily during the final quarter of 2025. (Includes two data tables.)
Inside The GSEs
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.)
Inside FHA/VA Lending
FHA Delinquencies Rise to Pandemic Levels
The delinquency rate on FHA-insured mortgage loans jumped nearly a percentage point during the fourth quarter of 2025 to surpass the reading at the end of 2020. (Includes four data tables.)

Inside The GSEs

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.)
Records Released Under FOIA Add to Tri-Merge Debate
FOIA documents reveal that in 2022 Fannie and Freddie business assessments determined that a single-bureau credit report would be inferior to either a tri-merge or a bi-merge.
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?