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Delinquencies Spike at Large Servicers in Fourth Quarter
February 25, 2026
According to Inside Mortgage Finance’s Large Servicer Delinquency Index, the overall delinquency rate increased by 46.6 basis points from the end of September, hitting 3.29% at the end of 2025.
UWM Posts Major Increase in Income in Fourth Quarter
February 25, 2026
The spike in income compared with the third quarter was largely due to changes in the value of mortgage servicing rights.
GSE MBS Purchases Cloud Outlook for Conservatorship
February 25, 2026
Experts speaking at SFVegas this week think the White House's interest in removing the GSEs from conservatorship could be dwindling.
Income Stable at Angel Oak’s REIT in Fourth Quarter
February 25, 2026
Angel Oak Mortgage REIT generated $11.3 million of net income in the fourth quarter of 2025.

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.)
Earnings
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.)
Channels
Correspondents Lose Share in Agency Securitizations
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.)
Commercial MBS
CRE Securitization Rises in 2025 With Agency MF Boost
Securitization of industrial properties, including data centers, was the hottest sector in non-agency commercial MBS last year. Meanwhile, all three agencies saw hefty increases in multifamily MBS issuance. (Includes two data tables.)
Originations
Refi Lending Nearly Doubles in 4Q, Purchase Share Drops
Refi originations increased by 96.8% on a quarterly basis in the fourth quarter of 2025. For the full year, refi volume was up 61.2% while purchase-mortgage lending increased by 2.4%. (Includes five data tables.)
Government-Insured Servicing
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 Mortgage Finance

Refinances Lift Primary MI to a Strong Finish in 2025
Strong refinance business offset a decline in new primary MI coverage on purchase mortgages during the fourth quarter. Default rates and losses were on the upswing. (Includes four data tables.)
Fed to Propose Capital Relief for Banks on MSRs
The Federal Reserve will soon issue proposals revising capital requirements set under the Basel framework in a way that could increase bank involvement in mortgage originations and servicing.
- Large Servicers See Sharp Increase in Delinquencies
- Pennymac Sees Strong Economics in Subservicing
More Inside Mortgage Finance

Inside MBS & ABS

Banks Shed Residential MBS Holdings in Fourth Quarter
February 19, 2026
The top four bank investors in residential MBS reported a combined $16.5 billion decline in their portfolios during the fourth quarter, with most of the drop coming in GSE pass-throughs. (Includes two data tables.)
Ginnie Loan-Level Initiative to Stretch Beyond 2026
February 19, 2026
Ginnie Mae President Joe Gormley said the agency is making progress on its transition to loan-level processes.
Supers/Platinum Issuance Up a Bit in 4Q25, CMO Declines
February 19, 2026
Fannie and Freddie saw a small decline in Supers MBS issuance during the fourth quarter, along with an unusual spurt in commingled collateral. (Includes two data tables.)
Non-Agency MBS Demand Strong, Outlook Positive
February 19, 2026
Investors are showing strong demand for non-agency MBS, leaving leaders of issuers optimistic.

More Inside MBS & ABS

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Inside Nonconforming Markets

Prime Non-Agency MBS Issuance Up Nearly 40% in 2025
February 13, 2026
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.)
Redwood Profitable in 4Q; Preps New MBS Shelf
February 13, 2026
Redwood Trust generated $20.0 million of net income in the fourth quarter of 2025, recovering from a $7.7 million loss in the third quarter. The REIT is also planning to launch a new shelf for expanded-credit MBS.
Brokers First Funding Plots Non-QM Growth in 2026
February 13, 2026
The wholesale lender’s goals include increasing brand awareness, geographic expansion and improving service levels.
Newrez Increases Production of Non-QMs in 4Q
February 13, 2026
Originations of non-qualified mortgages by Newrez increased by 50% on a quarterly basis in the fourth quarter of 2025.

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

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.)
Late FHA Loans Linger in New Loss-Mit Waterfall
Delinquent FHA loans stay that way for longer under the loss-mitigation updates FHA rolled out at the start of the fourth quarter.
House Bill Would Raise Fees on VA IRRRLs
The House Committee on Veterans’ Affairs advanced a bill that would raise fees on the Department of Veterans Affairs’ streamlined interest rate reduction refinance loans.
HUD Funded Through FY2026, Bump for FHA
The Department of Housing and Urban Development has been funded through the 2026 fiscal year by the consolidated appropriations package signed into law last week.

More Inside FHA/VA Lending

Premium Newsletter Content

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
Refinances Lift Primary MI to a Strong Finish in 2025
Strong refinance business offset a decline in new primary MI coverage on purchase mortgages during the fourth quarter. Default rates and losses were on the upswing. (Includes four data tables.)
Inside Nonconforming Markets
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.)
Inside MBS & ABS
Banks Shed Residential MBS Holdings in Fourth Quarter
The top four bank investors in residential MBS reported a combined $16.5 billion decline in their portfolios during the fourth quarter, with most of the drop coming in GSE pass-throughs. (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
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.)

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?