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 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.

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.)