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.)

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.)

The total delinquency rate on loans in agency MBS reached 3.71% at the end of 2025. The last time delinquencies were at that level was early 2021 as the market was recovering from the impact of the pandemic. (Includes data table.)