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Subservicing Volume Down at Rocket, Cenlar in 2Q
September 25, 2026
“The disruption created by industry consolidation among subservicers continues to create opportunities,” said Glen Messina, chair, president and CEO of Onity Group, which has a subservicing unit.
Freddie Mac’s Mortgage Investment Portfolio Declines in August
September 25, 2026
Additions of MBS weren't enough to offset a decline in whole-loan holdings.
MBS Investors Adjusting to New Score Disclosures From GSEs
September 25, 2026
The most obvious difference in scoring models is that the GSEs’ scores are on entirely different scales.
loanDepot Selling Scratch-and-Dent Loans in Non-Agency MBS
September 25, 2026
About 9.5% of the loans in the MBS were subject to an underwriting defect or documentation deficiencies, primarily due to borrower misrepresentations resulting in a miscalculated debt-to-income ratio.

Ginnie Mae Issuance
Ginnie MBS Issuance Down in August as Refi Slide Continues
Refinance volume included in Ginnie Mae mortgage-backed securities slipped for the fourth consecutive month in August as interest rates climbed higher. (Includes two data tables.)
Portfolios
Banks Resume Adding to Mortgage Holdings in Second Quarter
Total first-lien mortgage holdings among banks and thrifts increased by 0.7% from the end of March to the end of June. During the first quarter, the depositories slightly reduced their mortgage holdings. (Includes data table.)
ABS
Banks Continue to Add to Their ABS Portfolios
Commercial banks and savings institutions increased their holdings of ABS by 16.0% on an annual basis as of the end of June. The portfolios hit a level last seen in early 2024. (Includes two data tables.)
Originations
Jumbo Share of Originations Highest Since 2022
The jumbo share of first-lien originations increased from 16.4% in the first quarter of 2026 to 18.8% in the second quarter. Large banks and nonbanks are putting an emphasis on the products. (Includes three data tables.)
Funding
Warehouse Lenders Fighting for Share in Tough Market
As originations remain subdued, warehouse lenders are focusing on market share. Chase, the top warehouse lender, reduced its footprint in the second quarter and some newer players are filling the void. (Includes data table.)
Earnings
Banks’ Mortgage Income Down in First Half
Mortgage-banking income declined by 6.1% on an annual basis in the first half of the year. At Chase, the largest bank in the mortgage market, a drop in servicing revenue more than offset an increase in production revenue. (Includes one data table.)

Inside Mortgage Finance

Rocket, Cenlar Subservicing Portfolios Decline
Rocket’s acquisition of Mr. Cooper and Pennymac’s pending acquisition of Cenlar have prompted some changes in market share. M&T Bank posted a sharp increase in subservicing in the second quarter. (Includes data table.)
Rates Spike as Yield on 10-Year Treasury Hits 5.1%
Lawrence Yun, chief economist of the National Association of Realtors, pegs 7% interest rate as “the new normal.”
- GSE Share of Servicing Declines Again
- FHA Leapfrogs GSE Credit Score Timeline
More Inside Mortgage Finance

Inside MBS & ABS

Banks Shed MBS/ABS From Trading Accounts in 2Q
September 24, 2026
Bank holding companies reported a 3% decline in trading-account holdings of residential MBS, commercial MBS and ABS in the second quarter. (Includes two data tables.)
GSEs Ramping Up Their MBS Purchases
September 24, 2026
FHFA directed Fannie Mae and Freddie Mac to resume the MBS buying spree that President Trump requested in January.
GSE Credit Scores Have Implications for MBS
September 24, 2026
Analysts suggest that the proprietary credit scores of the GSEs, if released prior to pooling loans into MBS, could serve as the basis for a new category of specified pool.
NAIC Scrutinizing Insurers’ Multi-Collateral Investments
September 24, 2026
A working group at the National Association of Insurance Commissioners proposed harsh treatment of multi-collateral structured credit investments at insurance companies.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Retail Gains Nonconforming Share From Brokers
September 25, 2026
The retail channel’s share of nonconforming originations increased from the first quarter to the second. (Includes two data tables.)
Credit Score Options Fuel Uncertainty in Non-Agency Market
September 25, 2026
The availability of multiple credit scoring models leaves non-agency players with concerns related to lender choice, disclosures and historical data.
Non-Agency Market Gains Attention as Rates Increase
September 25, 2026
During a LoanNEX webinar, speakers discussed how increasing interest rates allow the non-agency market to step in, with investors driving demand.
ARM Production Rebounds
September 25, 2026
Originations of adjustable-rate mortgages bounced back in the second quarter after a decline in the quarter prior. (Includes data table.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Mortgage-Banking Profits on Production, Servicing Decline in 2Q
September 18, 2026
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.)
Lenders Seek Changes to AI Oversight in Colorado
September 18, 2026
Lenders are pushing for changes to a Colorado rule that will create new obligations for developers and deployers of automated decision-making technology that materially influences consequential decisions.
Retail Production, Sales by Banks Increase in 2Q
September 18, 2026
Mortgage originations through banks’ retail channel increased by 17.2% from the first quarter to the second. Mortgage sale activity was also up, by 6.7%. (Includes two data tables.)
Opendoor Enters Mortgage Space
September 18, 2026
The homebuying platform’s new mortgage platform adds fixed-rate and adjustable-rate purchase mortgages to its product mix.

More Inside Mortgage Trends

Inside FHA/VA Lending

Brokers Lose Market Share Among Government Lenders
Government lending through brokers declined on a quarterly basis in the second quarter while both retail and correspondent production increased. (Includes data table.)
VantageScore Credit Boost Appears Minor With FHA
Some FHA borrowers could see improved credit scores from FHA’s adoption of VantageScore 4.0, but the effect should be relatively small, according to researchers at Goldman Sachs’ credit strategy desk.
Industry Seeks Clarity on FHA’s RAP Pilot
Industry groups urged FHA to make the proposed alternative partial claim structure friendlier for smaller lenders and called for communication with Ginnie Mae investors.
Ginnie ET Issuance Jumps, Delinquencies Elevated
Issuance to Ginnie Mae custom extended-term pools spiked twice in the last year, after FHA and VA changed their loss-mitigation policies. Delinquency rates on the pools are also exceptionally high.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
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
Rocket, Cenlar Subservicing Portfolios Decline
Rocket’s acquisition of Mr. Cooper and Pennymac’s pending acquisition of Cenlar have prompted some changes in market share. M&T Bank posted a sharp increase in subservicing in the second quarter. (Includes data table.)
Inside Nonconforming Markets
Retail Gains Nonconforming Share From Brokers
The retail channel’s share of nonconforming originations increased from the first quarter to the second. (Includes two data tables.)
Inside MBS & ABS
Banks Shed MBS/ABS From Trading Accounts in 2Q
Bank holding companies reported a 3% decline in trading-account holdings of residential MBS, commercial MBS and ABS in the second quarter. (Includes two data tables.)
Inside the CFPB
Johnson Nomination as CFPB Chief Moves to Senate Floor
Ahead of the vote, Sen. Elizabeth Warren, D-MA, ranking member of the banking committee, released Johnson’s responses to her Questions for the Record following his nomination hearing in July.
Inside The GSEs
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.)
Inside FHA/VA Lending
Brokers Lose Market Share Among Government Lenders
Government lending through brokers declined on a quarterly basis in the second quarter while both retail and correspondent production increased. (Includes data table.)

Inside The GSEs

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.)
GSEs Publish VS4 Pricing Grids, LLPA Reforms Linger
Even though FHFA Director Bill Pulte spent much of last year floating the idea of LLPA reform as a way to lower the cost of a mortgage, the new LLPA grids for VantageScore 4.0 were not accompanied by a reduction in fees for Classic FICO loans.
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?