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Rocket Surpasses UWM as Top Agency MBS Issuer in 2Q
July 10, 2026
Rocket issued $41.35 billion of agency MBS in the April-June period, up 15.1% from the first quarter, with a surge in Ginnie loans.
President Trump Reiterates Refusal to Sign Housing Bill
July 10, 2026
The 21st Century ROAD to Housing Act, which passed with bipartisan support, is set to automatically become law on Saturday without Trump's signature.
FHA Eyes AI to Boost Efficiency
July 10, 2026
Ginnie Mae President and Acting FHA Commissioner Joe Gormley said both agencies are looking for ways to incorporate artificial intelligence into their programs.
Trade Groups Ask FHFA for Changes to GSE Condo Approval Policies
July 10, 2026
The trade groups are seeking some changes to condo appraisal policies set to go into effect next month as well as a delay in implementation.

Buybacks
GSE Buybacks Slow in 1Q, Freddie’s Pipeline Up
Seller repurchases from Fannie and Freddie declined 21% in the first quarter of 2026 to the lowest level since 2020. But the pipeline of unresolved claims rose significantly. (Includes three data tables.)
Channels
Originations Decline Across All Channels in 1Q
Mortgage originations declined across the three major production channels in the first quarter of 2026. Pennymac reported a 32.8% drop in conventional-conforming volume through correspondents. (Includes two data tables.)
Ratings
Fitch Retains Lead in ABS Ratings, Moves Up in MBS
Fitch surged past Kroll to start 2026 as the top rating service in the non-agency MBS market. The company also extended its lead as the top ABS rating service. (Includes two data tables.)
Originations
Nonbank Tops Home Equity Lenders for First Time
Rocket Mortgage was the largest originator of home equity loans in the first quarter of 2026. The nonbank started originating closed-end second liens in recent years as refi opportunities declined. (Includes three data tables.)
Government-Insured Originations
Guild, Movement Gain HECM Market Share
Guild Mortgage Company and Movement Mortgage both saw successful first quarters in home equity conversion mortgage lending that led them to gain market share from other top HECM lenders. (Includes three data tables.)
Originations
Correspondents Up Share of Nonconforming Production
The correspondent channel accounted for 19.3% of nonconforming originations in the first quarter of 2026, up from 16.7% in the previous three-month period. (Includes two data tables.)

Inside Mortgage Finance

Lenders Put an Emphasis on FHA, VA Loans in 2Q
With interest rates on mortgages rising, some agency business shifted to Ginnie Mae in the second quarter of 2026. Rocket surpassed UWM as the top issuer of agency MBS during the quarter. (Includes two data tables.)
Trump Admin Plans Major Reforms to Mortgage Rules
The CFPB plans to issue a servicing rule in August and is considering revisions to ATR/QM requirements. Both HUD and VA have a long list of rulemaking plans, while FHFA’s regulatory agenda is more limited.
- Industry Seeks Light-Touch Warehouse Capital Regulation
- Brokers Report Increased Demand for Non-QMs
More Inside Mortgage Finance

Inside MBS & ABS

MBS/ABS Issuance Rises in 2Q26, But Momentum Stalls
July 9, 2026
Agency single-family MBS issuance rose 11% from the first to the second quarter, and midyear production was up 28% from 2025. But the refinance business is running out of gas and purchase-mortgage volume was flat compared with the first six months of last year. (Includes three data tables.)
GSEs Release Historical FICO 10T Data
July 9, 2026
While FICO and VantageScore debate whose new credit score model performs best, industry insiders say the transition to new scoring models may take years.
GSEs End MBS Buying Spree, Portfolios Decline in May
July 9, 2026
In May, the combined retained mortgage portfolios of Fannie Mae and Freddie Mac saw their first monthly decline in more than a year.
Ginnie on Alert for Cyberattacks Internally and Industrywide
July 9, 2026
Ginnie Mae’s president said the agency is keeping an eye on its systems and those of its issuers to protect against cyberattacks.

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency MBS Issuance Declines in Second Quarter
July 2, 2026
Issuance of non-agency mortgage-backed securities declined during the second quarter of 2026. Non-agency issuance involving GSE-eligible mortgages, though, was up slightly. (Includes data tables.)
DSCR Sector Challenged by Short-Term Delinquencies
July 2, 2026
Some debt service coverage ratio loan borrowers are deliberately going delinquent while they renovate a property to improve its long-term rental performance.
Credit Quality, Insurance Dragging Down BPL Market
July 2, 2026
A massive influx of investor demand for business-purpose loans has prompted lenders to loosen underwriting standards for the asset class.
UWM Offering Mortgages for Medical Professionals
July 2, 2026
United Wholesale Mortgage joins a growing list of lenders offering a specialized mortgage product to medical professionals.

More Inside Nonconforming Markets

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Inside Mortgage Trends

LTV Ratios on GSE Deliveries Up in Second Quarter
July 10, 2026
The share of GSE purchase mortgages with LTV ratios above 80% increased during the second quarter to a level last seen in 2023. However, lenders held firm on credit scores and the high-LTV-ratio share of refi business declined. (Includes two data tables.)
Product Innovation Key for Growing Non-QM Market
July 10, 2026
Lenders are innovating their product offerings to meet the growing demand for non-qualified mortgages.
Lenders Looking at AI to Reduce Appraisal Risks
July 10, 2026
Artificial intelligence and stronger due diligence efforts can help reduce growing instances of appraisal fraud, according to mortgage investors and appraisers.
Primary MI Volume Up in 2Q, Led by FHA and VA
July 10, 2026
The FHA/VA share of agency business with primary mortgage insurance increased during the second quarter for both purchase mortgages and refis. In the first half of 2026, purchase-mortgage volume with primary MI was up only 2.7% from the first half of 2025. (Includes two data tables.)

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Issuance Soars in 2Q; Purchase Mortgages Strong
The securitization market for government-insured mortgages during the second quarter of 2026 was the strongest since the fourth quarter of 2021. (Includes four data tables.)
FHA Updates TPP Policies, Streamlines Approval Process
Among other changes, FHA formalized a waiver that allows borrowers to make trial payment plan payments more than 15 days before the due date without penalty.
FHA Loosens QC Standards for Appraisal Reviews
FHA has removed the requirement that lenders obtain appraisal field reviews on at least 10% of loans selected for origination and underwriting reviews.
CHLA Calls for Liquidity Backstop for Ginnie Servicers
The Community Home Lenders of America renewed its call for regulators to establish a standby liquidity facility to support Ginnie Mae servicers during periods of stress.

More Inside FHA/VA Lending

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Inside Mortgage Trends
LTV Ratios on GSE Deliveries Up in Second Quarter
The share of GSE purchase mortgages with LTV ratios above 80% increased during the second quarter to a level last seen in 2023. However, lenders held firm on credit scores and the high-LTV-ratio share of refi business declined. (Includes two data tables.)
Inside Mortgage Finance
Lenders Put an Emphasis on FHA, VA Loans in 2Q
With interest rates on mortgages rising, some agency business shifted to Ginnie Mae in the second quarter of 2026. Rocket surpassed UWM as the top issuer of agency MBS during the quarter. (Includes two data tables.)
Inside Nonconforming Markets
Non-Agency MBS Issuance Declines in Second Quarter
Issuance of non-agency mortgage-backed securities declined during the second quarter of 2026. Non-agency issuance involving GSE-eligible mortgages, though, was up slightly. (Includes data tables.)
Inside MBS & ABS
MBS/ABS Issuance Rises in 2Q26, But Momentum Stalls
Agency single-family MBS issuance rose 11% from the first to the second quarter, and midyear production was up 28% from 2025. But the refinance business is running out of gas and purchase-mortgage volume was flat compared with the first six months of last year. (Includes three data tables.)
Inside the CFPB
Injunction on CFPB Layoffs Sent Back to District Court
The DC Circuit Court will allow a district court to decide what happens to a preliminary injunction that blocks the Trump administration from laying off staff at the CFPB.
Inside The GSEs
Big Banks Gain Market Share in Second Quarter
Despite a modest increase in volume in the second quarter, large independent mortgage lenders saw their market share fall to its lowest level since the fourth quarter of 2024. (Includes two data tables.)
Inside FHA/VA Lending
Ginnie Issuance Soars in 2Q; Purchase Mortgages Strong
The securitization market for government-insured mortgages during the second quarter of 2026 was the strongest since the fourth quarter of 2021. (Includes four data tables.)

Inside The GSEs

Big Banks Gain Market Share in Second Quarter
Despite a modest increase in volume in the second quarter, large independent mortgage lenders saw their market share fall to its lowest level since the fourth quarter of 2024. (Includes two data tables.)
FHFA to Seek Unexplained Privacy Act Exemptions
FHFA wants to claim exemptions “for certain system of records to ensure the agency can effectively carry out its statutory responsibilities while safeguarding sensitive information.”
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?