Ginnie Mae issuance of mortgage-backed securities backed by refinance loans zoomed in the fourth quarter to highs not seen since the pandemic boom. (Includes four data tables.)

Issuance of expanded-credit MBS increased by nearly 80% on an annual basis in 2025 to $75.91 billion. Prime non-agency MBS issuance was up nearly 40% to $45.19 billion. (Includes data table.)

Last year’s issuance of expanded-credit MBS and home-equity securitizations reached their highest levels since 2007. Total non-agency MBS production was up 40% from 2024. (Includes three data files.)

The fastest-growing sector of the agency servicing market was the cohort with coupons of 5% to 6%, which was up 11.8% in the fourth quarter. MSR with rates above 6% surged to $2 trillion. (Includes two data tables.)

As a merged company, Rocket Mortgage and Mr. Cooper delivered more mortgages to Fannie Mae and Freddie Mac than any other company during the fourth quarter of 2025.

GSE refi business jumped and shifted toward borrowers with higher credit scores during the fourth quarter. With purchase mortgages, lenders also put a greater emphasis on LTV ratios below 81%.

In the agency MBS market, refi volume with primary MI was up sharply at both the government-sponsored enterprises and the Department of Veterans Affairs, while FHA volume lagged to some extent.

Residential MBS, commercial MBS and non-mortgage ABS all posted significant gains in annual issuance in 2025. The agency MBS market got a big boost in the fourth quarter from refinance activity.

UWM finished as the top agency seller in 2025, with annual volume up 22.2% from the previous year. Like many companies, its fourth-quarter sales rose dramatically thanks to heavy refinance volume.

Lenders grew the share of government-insured loans originated through correspondent channels in the third quarter, according to an Inside FHA/VA Lending analysis of proprietary survey data.