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VA Posts Draft Partial Claim Policies
March 5, 2026
Eligibility for partial claims would be backdated to the sunset of the VA servicing purchase program, on May 1, 2025.
Chase Issuing Large CES Securitization of Seasoned Discover Loans
March 5, 2026
Chase acquired the closed-end second liens from Capital One Financial, which acquired Discover Financial Services in May 2025.
GSE CRT Activity in 2025 Lowest Since 2013
March 5, 2026
The GSEs started issuing credit risk transfer transactions in 2013.
Refi Activity Soars at VA, FHA in Fourth Quarter
March 4, 2026
Refi guarantees in the Department of Veterans Affairs’ home loan program more than doubled during the fourth quarter.

Issuance
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.)
Risk Transfer
CRT Continues to Sputter at the GSEs in Fourth Quarter
Credit-risk transfer activities at the GSEs — including both CAS/STACR note issuance and CIRT/ACIS reinsurance purchases — reached some of the lowest levels since the programs were founded in 2013. (Includes data table.)
Originations
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.)
Ginnie Mae Issuance
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.)
Issuance
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.)
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.)

Inside Mortgage Finance

Retail Channel Regains Some Share in 2025
The correspondent share of mortgage originations shrank in 2025, with retail picking up most of the slack. Both channels remained well ahead of the wholesale channel. (Includes six data tables.)
Iran Conflict Stokes Inflation Fears, Spurs Rates Higher
Mortgage rates inched higher this week after the U.S. and Israel carried out attacks in Iran, sparking fears of higher energy costs.
- Rocket Putting an Emphasis on Wholesale Unit
- Non-QM Lenders Expect Continued Growth in 2026
More Inside Mortgage Finance

Inside MBS & ABS

Agency Market Phones It In, Rate Refis Slow in February
March 5, 2026
Secondary-market sales of agency loans followed seasonal patterns last month. Although purchase-mortgage volume saw the biggest decline, the sector still accounted for 55.8% of agency issuance last month. (Includes two data tables.)
Investors Hopeful Reg AB2 Changes Will Boost Public MBS
March 5, 2026
The SEC’s recent push to update disclosure requirements could prompt issuance of publicly-registered MBS.
GSE Portfolios Continue Shift to MBS
March 5, 2026
Fannie Mae’s retained mortgage portfolio surpassed the size of Freddie Mac’s in January, a first since 2022 as Fannie is adding to its MBS holdings at a faster rate than Freddie.
MBS/ABS Decline in BHC Trading Accounts in 4Q25
March 5, 2026
Despite drifting slightly lower at yearend, bank holding companies in 2025 increased the volume of MBS and ABS held in trading accounts. (Includes two data tables.)

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Inside Nonconforming Markets

First-Lien Holdings at Banks Continue to Rise in 4Q
February 27, 2026
Holdings of first-lien mortgages at commercial banks and savings institutions increased just 0.3% from the end of the third quarter to the fourth. All of the increase was driven by a 14.6% jump in holding of adjustable-rate mortgages. (Includes data table.)
Despite Volatility, Crypto Lending Sees Strong Demand
February 27, 2026
Though the value of bitcoin has dropped sharply in recent months, mortgage lenders allowing borrowers to use the crypto holding to qualify for home purchases are bullish on the product.
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.
Non-Agency Servicing Needs Collaboration, Robust Data
February 27, 2026
Speakers at the Mortgage Bankers Association’s servicing solutions conference discussed what makes a good non-agency servicer.

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

FHA, VA Refi Endorsements Soar in Fourth Quarter
VA refinance activity more than doubled in the fourth quarter and FHA refi volume was up 55%. United Wholesale Mortgage was the top lender in both government loan programs. (Includes three data tables.)
Government Program Leaders Discuss Future Initiatives
Heads of government mortgage programs discussed current and future initiatives last week at the Mortgage Bankers Association’s servicing summit.
Flaws Seen in FHA Sales of Foreclosure Properties
Enhancing exclusive listing periods of foreclosed properties for owner-occupants might have had an effect on increasing the supply of affordable homes for homebuyers despite caveats, according to the Department of Housing and Urban Development’s Office of Inspector General.
Veterans United Sued Over Illegal Predatory Practices
A class-action lawsuit filed against Veterans United alleges that the lender collected fees from external agents in exchange for leads, and misrepresented itself as an affiliate of the VA.

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
Retail Channel Regains Some Share in 2025
The correspondent share of mortgage originations shrank in 2025, with retail picking up most of the slack. Both channels remained well ahead of the wholesale channel. (Includes six data tables.)
Inside Nonconforming Markets
First-Lien Holdings at Banks Continue to Rise in 4Q
Holdings of first-lien mortgages at commercial banks and savings institutions increased just 0.3% from the end of the third quarter to the fourth. All of the increase was driven by a 14.6% jump in holding of adjustable-rate mortgages. (Includes data table.)
Inside MBS & ABS
Agency Market Phones It In, Rate Refis Slow in February
Secondary-market sales of agency loans followed seasonal patterns last month. Although purchase-mortgage volume saw the biggest decline, the sector still accounted for 55.8% of agency issuance last month. (Includes two 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
FHA, VA Refi Endorsements Soar in Fourth Quarter
VA refinance activity more than doubled in the fourth quarter and FHA refi volume was up 55%. United Wholesale Mortgage was the top lender in both government loan programs. (Includes three 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?