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Fannie Economists Sharply Increase Interest-Rate Forecast
October 15, 2026
Fannie's forecast also shifted from a modest increase in mortgage originations on an annual basis in 2027 to a 10.6% decline.
Mortgage Originations, Revenue Decline at U.S. Bank in 3Q
October 15, 2026
Originations declined by 12.3% from the second quarter.
Prime Non-Agency MBS Issuance Up in 3Q
October 15, 2026
Much of the increase was from prime jumbos.
Agency MBS REIT Orchid Island Takes Loss in Third Quarter
October 15, 2026
The value of MBS holdings declined during the quarter as interest rates increased sharply.

MBS
Refi Activity Plummets, Dragging Down Agency MBS in 3Q
The flow of refis into agency MBS nearly halved during the third quarter. Purchase-mortgage volume was up 12.5% on a sequential basis; but over the first nine months, it was up only 1.3% year over year. (Includes two data tables.)
Originations
ARM Production Rebounds
Originations of adjustable-rate mortgages bounced back in the second quarter after a decline in the quarter prior. (Includes data table.)
Originations
Originations of Home Equity Loans Rise 20% in 2Q
Home equity lending is being fueled by accumulation of equity and elevated interest rates, which have diminished demand for refis. (Includes three data tables.)
Originations
Origination Share Up for Nonbanks, Large Lenders in 2026
Nonbank mortgage originations increased by 30.3% on an annual basis in the first half of 2026 while bank production was up 22.2%. (Includes two data tables.)
Agency MBS
GSE MBS Issuance Increases in August
Fannie Mae and Freddie Mac securitizations jumped 11.1% last month, reversing a three-month declining trend. On a year-to-date basis, GSE sales were up 22.5% from the first eight months of 2025. (Includes two data tables.)
Profitability
Mortgage-Banking Profits on Production, Servicing Decline in 2Q
An analysis of earnings reports from 18 lenders showed combined income from production and secondary marketing declined from the first quarter. Servicing income also decreased. (Includes data tables.)

Inside Mortgage Finance

Ginnie Drives Up Agency Servicing in 3Q, Rocket Shrinks
Growth in servicing with Ginnie Mae continues to outpace Fannie Mae and Freddie Mac. Most of the top-10 agency servicers increased their portfolios during the third quarter, though not Rocket Mortgage. (Includes two data tables.)
Higher Rates Expected to Reduce Originations in 2027
By loan count, the MBA forecasts that total mortgage originations will decline by 5.6% from 2026 to 2027.
- OCC, FDIC Urged to Revise CRA Proposal
- FHA Seeks to Expand Use of 203(k) Repair Program
More Inside Mortgage Finance

Inside MBS & ABS

Prime Loans Lead Non-Agency MBS Rebound in 3Q
October 15, 2026
A strong flow of jumbo mortgages and GSE-eligible loans helped boost non-agency MBS issuance in the third quarter. (Includes three data files.)
Ginnie Chips Away at Outdated Tech
October 15, 2026
Ginnie Mae is steadily updating its outdated systems and processes, agency President Joe Gormley said.
Appeals Court Rules in Favor of Ginnie in TCB Dispute
October 15, 2026
Ginnie Mae has the authority to extinguish a lender’s lien on the tails of pooled home equity conversion mortgages, the Fifth Circuit Court of Appeals affirmed last week.
SFA Opposes NAIC Proposal on Multi-Collateral Investments
October 15, 2026
The proposal would set higher capital requirements for multi-collateral structured credit investments by insurance companies. The Structured Finance Association is calling for additional disclosure instead.

More Inside MBS & ABS

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Inside Nonconforming Markets

Prime Loans Lift Non-Agency Issuance in 3Q
October 9, 2026
Issuance of prime non-agency MBS increased by more than 20% during the third quarter of 2026 while expanded-credit MBS held steady. (Includes data file.)
NYLIM to Acquire Majority Stake in Invictus
October 9, 2026
New York Life Investment Management is set to acquire a majority ownership stake in the owner of Verus Mortgage Capital.
Non-QM Products Expanding Faster Than Origination Systems
October 9, 2026
The goal should be to bring non-qualified mortgages into the same digital workflows as the rest of the mortgage business, rather than into a separate process, according to industry stakeholders.
Borrowers Turn to ARMs Amid Affordability Challenges
October 9, 2026
Adjustable-rate mortgages are gaining popularity as interest rates rise. And bank lenders have an edge over nonbanks.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Retail Share Rising in Conventional-Conforming
October 2, 2026
The retail channel accounted for 44.2% of conventional-conforming originations in the second quarter among a large group of survey participants, up from a 41.4% share in the first quarter and a share of 38.9% in the second quarter of 2025. (Includes two data tables.)
Lenders Flocking to Partner With Real Estate Brokerages
October 2, 2026
loanDepot recently partnered with real estate brokerage HomeSmart, adding to the growing list of lenders trying to more closely connect home purchasing with home financing.
Mortgage Lenders Relatively Slow With AI Adoption
October 2, 2026
A study by the Mortgage Bankers Association found that lenders aren’t adopting AI as quickly as other financial services companies.
Lenders Face Risks as AI Availability Expands
October 2, 2026
While AI is offering the mortgage industry many benefits, industry experts caution that it’s also posing new risks, including falsified documents, inaccurate credit decisions and potential disruptions to servicing records.

More Inside Mortgage Trends

Inside FHA/VA Lending

Slowing Refis Drag Down Ginnie Issuance
Issuance of government-backed loans to Ginnie Mae mortgage-backed securities fell in the third quarter, breaking with the typical seasonal pattern amid higher interest rates. (Includes four data tables.)
Jones Would Target Builder, Lender Cost Cuts at FHA
Sen. Elizabeth Warren, D-MA, ranking member of the Senate Banking Committee, had little to say to FHA Commissioner-nominee Matt Jones aside from a remark that he would have a “tough job” amid the financial conditions borne of the Trump administration’s policies.
FHA Holds Course on UAD 3.6 as GSEs Waver
FHA announced it was taking the next step in implementing updated appraisal forms the day after Fannie Mae and Freddie Mac announced they’d push back their mandatory implementation date by more than six months.
FHA Formalizes Credit Calculation Updates
FHA this week published updates to its credit scoring methodology to incorporate the updated FICO 10T model and VantageScore 4.0.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Retail Share Rising in Conventional-Conforming
The retail channel accounted for 44.2% of conventional-conforming originations in the second quarter among a large group of survey participants, up from a 41.4% share in the first quarter and a share of 38.9% in the second quarter of 2025. (Includes two data tables.)
Inside Mortgage Finance
Ginnie Drives Up Agency Servicing in 3Q, Rocket Shrinks
Growth in servicing with Ginnie Mae continues to outpace Fannie Mae and Freddie Mac. Most of the top-10 agency servicers increased their portfolios during the third quarter, though not Rocket Mortgage. (Includes two data tables.)
Inside Nonconforming Markets
Prime Loans Lift Non-Agency Issuance in 3Q
Issuance of prime non-agency MBS increased by more than 20% during the third quarter of 2026 while expanded-credit MBS held steady. (Includes data file.)
Inside MBS & ABS
Prime Loans Lead Non-Agency MBS Rebound in 3Q
A strong flow of jumbo mortgages and GSE-eligible loans helped boost non-agency MBS issuance in the third quarter. (Includes three data files.)
Inside the CFPB
Legal Defeats to CFPB Funding Argument Pile Up
An Oregon district court judge last month held that the combined earnings of the Federal Reserve refers to the central bank’s revenue before expenses are subtracted.
Inside The GSEs
Seller Repurchases of GSE Loans Bounce Up in 2Q
Seller repurchases of defective Fannie/Freddie loans increased 19% from the first to the second quarter of 2026. Although the 2025 book appears to be one of the cleanest in recent years, unresolved buyback claims were up 18% in the second quarter. (Includes three data tables.)
Inside FHA/VA Lending
Slowing Refis Drag Down Ginnie Issuance
Issuance of government-backed loans to Ginnie Mae mortgage-backed securities fell in the third quarter, breaking with the typical seasonal pattern amid higher interest rates. (Includes four data tables.)

Inside The GSEs

Seller Repurchases of GSE Loans Bounce Up in 2Q
Seller repurchases of defective Fannie/Freddie loans increased 19% from the first to the second quarter of 2026. Although the 2025 book appears to be one of the cleanest in recent years, unresolved buyback claims were up 18% in the second quarter. (Includes three data tables.)
FHFA’s Shift on VS4 LLPA Grid Prompts Concerns
Analysts worry that FHFA’s aggressive policy moves on credit scores are more about saving consumers money than the safety and soundness of the mortgage system.
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?