The wholesale-broker channel gained ground in the government-insured sector and in conventional-conforming lending, according to a recent Inside Mortgage Trends analysis of proprietary survey data.

Wholesale and retail lenders expanded their mortgage production more than correspondent aggregators in the origination boomlet that took shape during the final quarter of 2025. (Includes two data tables.)

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The correspondent channel lost 194 basis points of market share in the agency MBS market in the fourth quarter of 2025.

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.)

Correspondents upped their share significantly in the government-insured market, while brokers took a bigger bite of nonconforming lending.

Wholesale-brokers and correspondent aggregators increased their market share in all three major product categories. Retail continued to lead conventional-conforming lending. (Includes two data tables.)

FDIC-insured banks saw their MSR portfolios shrink 1.0% during the third quarter as their valuations remained broadly unchanged. Chase continued to be the top depository in terms of servicing for others. (Includes data table.)

Most of the gain came at the cost of the correspondent channel.

Agency securitizations rose slightly in the third quarter thanks to increased deliveries of retail loans. Credit quality improved very slightly. (Includes two data tables.)