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Agency Jumbo Volume Holds Steady in Third Quarter
December 12, 2025
High-balance loans accounted for 4.4% of total agency MBS issuance in the third quarter.
Housing Bill With Bipartisan Support Introduced in House
December 12, 2025
The Housing for the 21st Century Act includes a number of provisions that overlap with the ROAD to Housing Act in the Senate.
Fannie Mae’s MBS Holdings Increase Again in November
December 12, 2025
Fannie’s MBS holdings spiked to $54.65 billion as of the end of the month.
Trump Admin Reorients FSOC to Growth and De-Regulation
December 12, 2025
“The council is working with member agencies to consider where aspects of the U.S. financial regulatory framework impose undue burdens and where they harm economic growth, thereby undermining financial stability,” Scott Bessent, secretary of the Treasury Department, said of the Financial Stability Oversight Council.

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.)
Servicing
Jumbo Servicing Volume Slightly Down in Third Quarter
The volume of jumbo mortgages that 30 major servicers handle declined by 0.6% during the third quarter of 2025. (Includes data table.)
Agency MBS
Refis Lift Agency MBS to Three-Year High in November
The gain in November agency MBS issuance came from another rise in rate-term refinance securitization. United Wholesale Mortgage, Rocket and Pennymac remained the top three agency sellers despite declines in monthly volume. (Includes two data tables.)
Originations
Broker Channel Regains Some Share in Third Quarter
Among the three origination channels, only broker production increased during the third quarter. The broker share of originations neared 20% again during the quarter. (Includes six data tables.)
Earnings
Nonbanks Post Small Drop in Mortgage-Banking Income
Despite lackluster new origination volume in the third quarter, most nonbanks reported solid gains in production-related income. Many of them needed it to offset sharp declines in servicing income. (Includes data table.)
Servicing
Bank MSR Portfolios Shrink Slightly, Valuation Strong
FDIC-insured banks saw their MSR portfolios shrink 1.0% during the third quarter as their valuations remained broadly unchanged. Chase continued to be the top depository in terms of servicing for others. (Includes data table.)

Inside Mortgage Finance

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.)
Fannie Rumored to Consider Changes to Net Worth Requirements
Long-time industry analyst Chris Whalen said the GSE plans to disqualify some types of capital from use to calculate net worth.
- Housing Legislation Stalled in Congress Until 2026
- CFPB to Let Mortgage Industry Calculate APOR
More Inside Mortgage Finance

Inside MBS & ABS

Mortgage REITs Up Agency MBS, Shed Non-Agency
December 11, 2025
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.)
MBS in Bank Trading Accounts Rise in Third Quarter
December 11, 2025
JPMorgan Chase’s trading account held the largest combined inventory of MBS, ABS and commercial MBS at the end of the third quarter, though the total was down slightly from June. (Includes two data tables.)
Lenders Facing Some Uncertainty With GSE Cash Window
December 11, 2025
Some large lenders are seeing their cash-window availability capped or being cut off altogether, according to trading advisors. Communications from the GSEs and FHFA on the matter are vague.
Fannie’s MBS Holdings Jump in October
December 11, 2025
The growing securities holdings in Fannie’s retained mortgage portfolio include a large share of non-Fannie agency MBS.

More Inside MBS & ABS

Poll

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

Videos

Inside Mortgage Trends

Third-Party Lenders Boost Market Share in Third Quarter
December 5, 2025
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.)
Credit Bureaus Have Big Expectations for VantageScore
December 5, 2025
Leaders at the three major credit bureaus, which own VantageScore, expect to see strong revenues and profits as the GSEs allow VantageScore to compete with FICO.
Freddie Estimates Cost Savings for Digitized Lenders
December 5, 2025
Lenders with high adoption rates for tools from Freddie Mac like automated collateral estimator and asset and income modeler have significantly lower per-loan costs and higher per-loan profits, the GSE says.
Bank Mortgage Repurchases Decline in Third Quarter
December 5, 2025
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.)

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
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.)
Inside Mortgage Finance
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.)
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
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.)
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
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.)
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

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.)
Freddie Seeks Transparency From Lenders Using AI
The growing sophistication of AI use is now reflected in an updated policy to manage the risk associated with the tech.
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?