Latest News

Profits Decline at FHLBanks in Fourth Quarter
March 26, 2026
Just two of the 11 regional FHLBanks managed to increase annual profits from 2024 levels: the Chicago and San Francisco organizations.
Better to Offer Fannie-Eligible Mortgage With Crypto Pledge
March 26, 2026
The second lien tied to the crypto pledge requires monthly payments and the combined interest rate for the product could be higher than a comparable traditional mortgage.
Freddie Mac Adds to MBS Holdings, Sheds Loans in February
March 26, 2026
Freddie Mac increased its holdings of agency mortgage-backed securities by 14.5% on a monthly basis during February.
Production, Servicing Earnings Mixed Across Lenders in 4Q
March 26, 2026
Among 19 companies that report details on their mortgage-banking operations, production and secondary marketing income was up 10.5%, while servicing saw a 45.3% increase.

Investors
Plenty of Investors Ready to Cover Fed’s MBS Retreat
While depository institutions and the central bank scaled back their MBS holdings during the fourth quarter, money managers, life insurance companies and the GSEs ramped up their portfolios. (Includes three data tables.)
Servicing
Ginnie, Non-Agency Loans Drive Servicing Higher
GSE servicing outstanding barely budged during 2025 while Ginnie servicing increased by 6.8% on an annual basis. In owned servicing, the only firms with major gains in 2025 were nonbanks. (Includes two data tables.)
Sales
GSE Deliveries Fall 11.4% in February
Three of the top-five GSE issuers posted declines in volume last month. Meanwhile, Fannie’s share of total residential MBS issuance fell to a decade-plus low of 24.0% in the fourth quarter of 2025. (Includes two data tables.)
Earnings
Nonbank Earnings Slip in 4Q25, Fail to Match 2024
Most nonbanks reported bigger gains in lending volume in the fourth quarter of 2025 than in production income. MSR valuations continued to drive servicing income lower. (Includes data table.)
ABS
Bank ABS Holdings Edge Higher in Fourth Quarter
The two largest bank ABS investors, TD Bank and Bank of America, accounted for virtually all of the industry’s fourth-quarter growth in non-mortgage ABS. (Includes two data tables.)
Investors
REIT MBS Holdings Still Growing as 2025 Closes
Most mortgage REITs took advantage of strong MBS fundamentals to increase their agency holdings in the fourth quarter. While some REITs are drawn to the surging non-QM sector, industry holdings of non-agency MBS fell last year. (Includes two data tables.)

Inside Mortgage Finance

Home Equity Loan Originations Decline in Fourth Quarter
Even with a 9.0% decline during the fourth quarter, production of home equity loans in 2025 was up 25.1% on an annual basis. Both depositories and nonbanks had a hand in boosting production. (Includes three data tables.)
Revamped Basel Proposal Not Attractive Enough for Banks
New guidelines would eliminate the threshold-based deduction for mortgage servicing rights and apply a 250% risk weight to the assets.
- State Regulators Not Ready to Reform Nonbank Supervision
- Concerns Emerge for GSEs’ New Condo Rules
More Inside Mortgage Finance

Inside MBS & ABS

CMBS Market Sees Potential Increase in Rating Shopping
March 26, 2026
Ratings from a single firm are increasingly common for single-asset/single-borrower commercial MBS, a sign of potential rating shopping.
Kroll Stays Ahead in MBS, Fitch Gains Ground in ABS
March 26, 2026
S&P was the top ABS rating service in the fourth quarter and finished narrowly behind Fitch for all of 2025. Kroll held the top spot in MBS ratings for the year despite a strong challenge from Fitch. (Includes two data tables.)
GSEs Likely Beefing Up MBS Purchases to Quell Volatility
March 26, 2026
Market participants say the surge in GSE purchases is part of the Trump administration’s effort to reduce mortgage rates and spreads.
Bank Capital Reforms Could Limit Supply of MBS
March 26, 2026
The revised proposals would reduce capital requirements for banks, both for MBS holdings and whole loans in portfolio. The change would provide incentives for banks to retain more originations in portfolio.

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency Jumbo Lending Flourished in 2025
March 13, 2026
Non-agency jumbo mortgages gained market share with production up nearly 40% on an annual basis in 2025. All but one of the top 10 non-agency jumbo lenders reported year-on-year increases. (Includes data table.)
Non-Agency Interest Rates Rise Amid Volatility Due to Iran War
March 13, 2026
Market volatility and oil price shocks tied to the conflict in the Middle East are driving up interest rates on non-agency mortgages.
Newfi Lending Open to Acquisitions, Partnerships
March 13, 2026
After rapid growth in 2025, Newfi Lending is looking to acquire lenders and establish partnerships.
Jumbo Servicing Volume Grows in Fourth Quarter
March 13, 2026
The volume of jumbo mortgages handled by 30 major servicers inched up 1.3% between the end of third quarter of 2025 and yearend. Compared with the end of 2024, servicing volume was up 2.4%. (Includes data table.)

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Production vs Servicing Results Mixed in 4Q25
March 20, 2026
Earnings reports from public companies showed gains in production-related and servicing income during the fourth quarter, but the broader MBA performance study found declines on both sides of the business. (Includes data tables.)
Correspondents Retreat in 4Q as Brokers Forge Ahead
March 20, 2026
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.)
Freedom to Acquire MSR Holder Seneca
March 20, 2026
Freedom Mortgage plans to acquire private equity-backed Seneca Mortgage Servicing and its billions in non-government mortgage servicing rights.
Homebuilders’ Usage of Sale Incentives Stabilizing
March 20, 2026
Homebuilders are optimistic that the spring homebuying season should boost profits and reduce incentive usage.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie MBS Issuance Sees Seasonal Plunge in February
Issuers of Ginnie Mae securities took it easy in February, producing just $38.07 billion of MBS, off 24.6% from the previous month. Purchase mortgage and refi volumes declined at similar paces. (Includes two data tables.)
Servicers Seek More Time to Implement VA Partial Claims
The Mortgage Bankers Association and Community Home Lenders of America urged the Department of Veterans Affairs to allow for at least 180 days to implement a new partial claim program.
MBA Calls for Changes to FHA Multifamily Loan Limits
The Mortgage Bankers Association withheld its support for housing legislation ahead of a vote this week in the Senate, seeking changes to FHA and VA provisions. The Senate passed the bill without further amendments.
Servicers Face Higher Costs Amid Rising Delinquencies
The costs of servicing nonperforming FHA loans were high enough for Mortgage Center, a Michigan-based credit union service organization, to change its strategy.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Production vs Servicing Results Mixed in 4Q25
Earnings reports from public companies showed gains in production-related and servicing income during the fourth quarter, but the broader MBA performance study found declines on both sides of the business. (Includes data tables.)
Inside Mortgage Finance
Home Equity Loan Originations Decline in Fourth Quarter
Even with a 9.0% decline during the fourth quarter, production of home equity loans in 2025 was up 25.1% on an annual basis. Both depositories and nonbanks had a hand in boosting production. (Includes three data tables.)
Inside Nonconforming Markets
Non-Agency Jumbo Lending Flourished in 2025
Non-agency jumbo mortgages gained market share with production up nearly 40% on an annual basis in 2025. All but one of the top 10 non-agency jumbo lenders reported year-on-year increases. (Includes data table.)
Inside MBS & ABS
Kroll Stays Ahead in MBS, Fitch Gains Ground in ABS
S&P was the top ABS rating service in the fourth quarter and finished narrowly behind Fitch for all of 2025. Kroll held the top spot in MBS ratings for the year despite a strong challenge from Fitch. (Includes two data tables.)
Inside the CFPB
CFPB at Center of Reforms to Promote Mortgage Lending
A new executive order from President Trump aimed at increasing access to mortgage credit calls for changes to several of the CFPB’s mortgage rules and regulations.
Inside The GSEs
Profits Sag at FHLBanks in Fourth Quarter
Profits declined at 10 of the 11 FHLBanks in the fourth quarter. Only FHLB Atlanta increased net income during the period. (Includes three data tables.)
Inside FHA/VA Lending
Ginnie MBS Issuance Sees Seasonal Plunge in February
Issuers of Ginnie Mae securities took it easy in February, producing just $38.07 billion of MBS, off 24.6% from the previous month. Purchase mortgage and refi volumes declined at similar paces. (Includes two data tables.)

Inside The GSEs

Profits Sag at FHLBanks in Fourth Quarter
Profits declined at 10 of the 11 FHLBanks in the fourth quarter. Only FHLB Atlanta increased net income during the period. (Includes three data tables.)
No End in Sight for GSE Conservatorship
Analysts are increasingly skeptical that the Trump administration will follow through on plans to recapitalize and release the GSEs. Some seek broader reform.
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?