Latest News

UWM’s Ishbia Not Impressed With Management at Two Harbors
May 7, 2026
Mat Ishbia, president and CEO of United Wholesale Mortgage, said management at Two Harbors is “maybe playing some games” in opting to be acquired by CrossCountry Mortgage rather than by UWM.
Originations Increase, Losses Jump at Better in First Quarter
May 7, 2026
The higher loss was due to a combination of an increase in compensation and benefits and a $21.0 million hit from Better’s bank in the United Kingdom, which is now classified as a discontinued operation.
Net Interest Income Varies at Fannie, Freddie
May 7, 2026
At Freddie, net interest income has increased slightly in every quarter but one over the past three years.
Real Estate Company reAlpha Lays Off 25% of Staff
May 7, 2026
Mike Logozzo, CEO of reAlpha, said the company is putting a greater emphasis on artificial intelligence.

Originations
Mixed Trends for Mortgage Originations in 1Q
Glass half full: Originations surged on an annual basis in the first quarter. Glass half empty: Lending declined on a quarterly basis as interest rates jumped in March.
Complaints
Mortgage Complaints Filed With the CFPB Surge in 1Q
Consumer complaints regarding both mortgage originations and servicing increased during the first quarter of 2026. (Includes two data tables.)
Servicing
Depository Servicers End Slide in Servicing Share
Banks and other depository institutions regained a little market share in GSE servicing during the first quarter of 2026 after 11 consecutive quarters of losing share to nonbanks. (Includes two data tables.)
Servicing
Bulk Agency MSR Sales Back to Normal in First Quarter
Carrington Mortgage Services was the top bulk buyer of agency MSR in the first quarter of 2026, thanks to a large acquisition of Ginnie servicing from Pennymac. Bayview Asset Management was the top buyer in the coissuance market. (Includes three data tables.)
ABS
Cars, Data Centers Drive 1Q26 ABS Issuance Surge
Total ABS issuance reached its second-highest quarterly total in the first three months of 2026. Securitization of auto loans and data-center revenue were key factors. (Includes three data tables.)
Mortgage Insurance
Private MI Share Increases on GSE Purchase-Mortgage Business
GSE purchase-mortgage volume with private MI held up a little better on a quarterly basis than GSE business without private MI in the first quarter of 2026. (Includes three data tables.)

Inside Mortgage Finance

Largest Servicers Lose Some Market Share in 1Q
As a group, the five largest firms in terms of owned servicing lost market share during the first quarter of 2026. Much of the decline was due to Rocket Mortgage, the largest servicer in the industry. (Includes three data tables.)
Policies for VantageScore Use Involving GSEs Murky
FICO and VantageScore disagree on how lenders in a GSE pilot are using VantageScore. FICO’s CEO claims there are LTV ratio limitations and a haircut with VantageScore. VantageScore said that’s not the case.
- Trump Comments Revive GSE IPO Speculation
- Lenders Brace for Lower-Than-Expected Returns in 2026
More Inside Mortgage Finance

Inside MBS & ABS

GSE Portfolio Strategies Diverge in First Quarter
April 30, 2026
Fannie Mae expanded its portfolio by adding both whole loans and MBS, while Freddie Mac cut whole loans as it added MBS.
VantageScore Impact on MBS Market Likely Minimal
April 30, 2026
For MBS investors, the biggest complication in the GSEs’ implementation of VantageScore 4.0 is likely loan-level pricing adjustments.
Ginnie Provides Relief to Servicers for FHA Loans
April 30, 2026
The agency will exclude FHA mortgages on trial payment plans when calculating an issuer’s delinquency ratio.
Appeals Court Reverses Ruling on ERISA Liability
April 30, 2026
The Second Circuit Court of Appeals altered some of its original findings in a lawsuit dealing with MBS liability under the Employee Retirement Income Security Act.

More Inside MBS & ABS

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Inside Nonconforming Markets

Investment-Property Loans Drive Up ECM MBS Issuance
April 24, 2026
Issuance of expanded-credit MBS increased a hefty 40.6% during the first quarter of 2026, with investment-property mortgages making up a big chunk of the total. (Includes three data tables.)
Annaly Sees Strong Returns From Non-Agency Conduit
April 24, 2026
The real estate investment trust’s residential credit business was the most profitable during the first quarter of 2026. The company has sharply increased its investments in the segment.
Newfi Originates Loans in Morgan Stanley Non-Agency MBS
April 24, 2026
Newfi Lending contributed 100% of collateral to a non-agency mortgage-backed security that started marketing this month.
AD Mortgage Non-Agency Business Expands Geographically
April 24, 2026
AD Mortgage’s acquisition a year ago of Flagstar Bank’s third-party originator platform has helped expand its geographic reach.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Banks Report Slight Drop in Mortgage-Banking Income
May 1, 2026
While new production volume was generally sluggish in the first quarter of this year, several banks reported higher gain-on-sale margins and better MSR hedging results. (Includes data table.)
Former Rocket Execs Team Up With Archrival UWM
May 1, 2026
Origna8 is providing brokers a platform that can be used for lead generation, agentic-AI marketing, lender relationship management and data analytics.
Retail Lenders Boosted by Rising Refis
May 1, 2026
Deliveries of retail mortgages to the agencies were boosted by an increase in refinances in the wake of lower mortgage rates in the first quarter of 2026. (Includes two data tables.)
Northpointe Bank Sees Strong Volume in 1Q
May 1, 2026
During the first quarter of 2026, Northpointe Bank’s warehouse lending essentially held steady compared with the fourth quarter and the bank increased its production of “all-in-one” loans.

More Inside Mortgage Trends

Inside FHA/VA Lending

Mixed Trends for Largest Ginnie Servicers in 1Q
Some of the largest servicers of loans in Ginnie Mae mortgage-backed securities saw portfolios shrink in the first quarter, according to a new ranking and analysis by Inside FHA/VA Lending. (Includes four data tables.)
PIMCO Calls on FHA, Ginnie to Rein In Buydown Price Inflation
Investment firm PIMCO believes FHA and Ginnie Mae should tackle builder buydowns to lower housing costs.
USDA Seeks to Exclude Commission Fees From Concession Limits
The U.S. Department of Agriculture’s Rural Housing Service proposed excluding real estate commission fees from interested party contributions as part of an effort to lower closing costs for buyers.
Some FHA Loan Deterioration Not Explained By Policy Changes
The Mortgage Bankers Association’s chief economist warned of some deterioration in FHA loan pools, even as the industry and Ginnie Mae write off the recent increase in delinquencies as an immaterial consequence of altered modification timelines.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Banks Report Slight Drop in Mortgage-Banking Income
While new production volume was generally sluggish in the first quarter of this year, several banks reported higher gain-on-sale margins and better MSR hedging results. (Includes data table.)
Inside Mortgage Finance
Largest Servicers Lose Some Market Share in 1Q
As a group, the five largest firms in terms of owned servicing lost market share during the first quarter of 2026. Much of the decline was due to Rocket Mortgage, the largest servicer in the industry. (Includes three data tables.)
Inside Nonconforming Markets
Investment-Property Loans Drive Up ECM MBS Issuance
Issuance of expanded-credit MBS increased a hefty 40.6% during the first quarter of 2026, with investment-property mortgages making up a big chunk of the total. (Includes three data tables.)
Inside MBS & ABS
GSE Portfolio Strategies Diverge in First Quarter
Fannie Mae expanded its portfolio by adding both whole loans and MBS, while Freddie Mac cut whole loans as it added MBS.
Inside the CFPB
Student Loan Complaints to CFPB Spike in First Quarter
Consumer complaints filed with the CFPB increased across all categories during the first quarter. Issues with student loans were up 34.1% from the fourth quarter. (Includes two data tables.)
Inside The GSEs
Fannie and Freddie Earnings on Different Trajectories
Fannie Mae’s net interest income has barely changed over the past 13 quarters, while Freddie Mac’s has increased slightly in all but one of those quarters. (Includes data table.)
Inside FHA/VA Lending
Mixed Trends for Largest Ginnie Servicers in 1Q
Some of the largest servicers of loans in Ginnie Mae mortgage-backed securities saw portfolios shrink in the first quarter, according to a new ranking and analysis by Inside FHA/VA Lending. (Includes four data tables.)

Inside The GSEs

Fannie and Freddie Earnings on Different Trajectories
Fannie Mae’s net interest income has barely changed over the past 13 quarters, while Freddie Mac’s has increased slightly in all but one of those quarters. (Includes data table.)
Questions Remain on VantageScore 4.0 Implementation
Until Fannie and Freddie are more transparent about the loan-level pricing adjustment grids for the new credit score, lenders and investors will remain cautious about its implementation.
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?