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Originations of First-Lien Residential Loans Increase in 2Q
July 31, 2026
Mortgage originations reached $570.00 billion, increasing 8.6% during the second quarter of 2026.
Despite Volatility, Investor Demand Remains Strong
July 31, 2026
Agency MBS fundamentals have been supported by a combination of elevated mortgage rates, limited refinancing incentives, constrained housing turnover and low net supply.
Adamas Acquires Record Amount of BPLs in 2Q
July 31, 2026
In the second quarter of 2026, Adamas Trust acquired $632 million of business-purpose loans, record volume for the real estate investment trust.
House Committee Holds FHLB Hearing
July 31, 2026
Last week, the House Subcommittee on Housing and Insurance held its first hearing on the Federal Home Loan Banks since 2011, and there were several suggestions for reform.

Expanded Credit
Expanded-Credit MBS Issuance Declines in 2Q
Issuance of expanded-credit mortgages declined by 4.8% on a quarterly basis in the second quarter, with purchase-mortgage volume down. (Includes three data charts.)
Government-Insured Servicing
Top Ginnie Servicers See Modest Growth in 2Q
Ginnie Mae single-family servicing outstanding increased modestly during the second quarter, but individual servicers’ portfolios saw big movements. (Includes four data tables.)
ABS
Consumer Debt Drives New ABS to Record High in 2Q
Securitization of consumer loans and credit cards saw huge gains from the first to the second quarter, helping ABS issuance set a new record. Stellantis was the top ABS issuer in the second quarter, while Bank of America ranked as the top underwriter. (Includes three data tables.)
Mortgage Insurance
Primary MI Volume, Characteristics Stable in Second Quarter
Lenders aren’t stretching to goose originations of GSE or government-insured loans. Issuance of agency MBS was fairly stable through the first half of 2026 and underwriting standards held firm, regardless of the presence of primary MI. (Includes three data tables.)
Characteristics
LTV Ratios on GSE Deliveries Up in Second Quarter
The share of GSE purchase mortgages with LTV ratios above 80% increased during the second quarter to a level last seen in 2023. However, lenders held firm on credit scores and the high-LTV-ratio share of refi business declined. (Includes two data tables.)
Issuance
Non-Agency MBS Issuance Declines Sharply in Second Quarter
Although securitization of seasoned non-agency loans fell by 50% from an abnormally high level in early 2026, issuance of MBS backed by recently originated loans held fairly steady. (Includes three data files.)

Inside Mortgage Finance

Originations Increase in 2Q Amid Headwinds From Rates
The industry originated an estimated $570.00 billion of first-lien mortgages during the second quarter of 2026, thanks to a resilient purchase-mortgage market. (Includes two data tables.)
MSR Availability Expected to Remain Elevated
Limited earnings potential from originations and ongoing consolidation are likely to keep the supply of MSRs at healthy levels, according to officials at Annaly Capital Management.
- Duty-to-Serve Rewrite May Not Be Workable
- Homebuilders Expect Incentives Use to Remain Elevated
More Inside Mortgage Finance

Inside MBS & ABS

Reset Activity Drives 2Q26 Boost in CLO/CDO Issuance
July 30, 2026
Blackstone ranked as the top sponsor of CLO and CDO issued in the first six months of 2026, although Benefit Street Partners and Elmwood Asset Management both had bigger second quarters. (Includes two data files.)
Fannie and Freddie Deliver Another Strong Quarter
July 30, 2026
The two government-sponsored enterprises reported robust earnings for the second quarter of 2026, driven by solid growth in net interest income.
Investor Demand for Agency MBS Expected to Stay Strong
July 30, 2026
Investor demand is expected to remain strong for agency MBS despite some volatility expected for the rest of the year.
GSE Spec-Pool Volume Increases in 2Q
July 30, 2026
Issuance of spec-pool MBS in the second quarter increased at a faster pace at Freddie than at Fannie. Pools of loans for Florida properties continued to be favored over loans from New York and Texas. (Includes data table.)

More Inside MBS & ABS

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Inside Nonconforming Markets

Prime Non-Agency MBS Issuance Drops in 2Q
July 31, 2026
Issuance of prime non-agency mortgage-backed securities cooled off somewhat in the second quarter of 2026, but remained elevated on an annual basis. (Includes three data tables.)
Annaly’s Non-Agency Momentum Continues in 2Q
July 31, 2026
Annaly Capital Management nearly tripled its profit from the first to the second quarter as it leaned into its residential credit business.
Redwood 2Q Loss Narrows; Aspire’s Lock Volume Up
July 31, 2026
Redwood Trust posted another quarter of losses in the second quarter tied to its efforts to wind down legacy assets, including multifamily bridge loans investments.
Pennymac REIT Shifts Focus of Correspondent Production
July 31, 2026
Pennymac Mortgage Investment Trust has seen success in its private-label securitization program causing it to stop acquiring agency-eligible, conventional-conforming loans through correspondent production.

More Inside Nonconforming Markets

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Inside Mortgage Trends

MSR Transfers Increase in 2Q, UWM’s Sales Spike
July 24, 2026
Bulk sales of agency MSRs were up 30.8% on an annual basis in the first half of 2026. United Wholesale Mortgage accounted for nearly 30% of all bulk sale volume in the second quarter. (Includes three data tables.)
Capital Changes Unlikely to Boost Bank Business Much
July 24, 2026
Pending changes to bank capital requirements are unlikely to move depositories further into the mortgage lending space but could provide some additional flexibility to banks moving forward, according to Kroll Bond Rating Agency.
Delinquencies on Loans in Agency MBS Rise in Second Quarter
July 24, 2026
The delinquency rate increased the most on a quarterly basis for FHA mortgages. (Includes two data tables.)
The Pitfalls of Hiring From Competitors
July 24, 2026
Lenders looking to poach employees from competing firms should take various measures to avoid litigation, according to the law firm of Brody Gapp.

More Inside Mortgage Trends

Inside FHA/VA Lending

FHA Loss-Mitigation Removals Spike in 2Q
The amount of FHA loans removed from Ginnie Mae securities for loss-mitigation purposes more than doubled from the first to the second quarter. Overall, repurchases from the Ginnie program declined slightly. (Includes two data charts.)
FHA Delinquencies Show Signs of Stabilization
FHA serious delinquencies have spiked in recent quarters because of a reporting change implemented under a new loss-mitigation regime, but improving early-stage delinquencies could foreshadow the start of normalization.
FHA Proposes Simplified Partial Claim Structure
The agency recently issued a draft policy that would allow servicers to structure FHA partial claims similarly to other servicing advances rather than as a subordinate note.
Housing Law Seeks to Boost FHA Multifamily Program
The 21st Century ROAD to Housing Act includes some initiatives meant to enhance FHA’s multifamily program, which has seen reduced usage since the pandemic.

More Inside FHA/VA Lending

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Inside Mortgage Trends
MSR Transfers Increase in 2Q, UWM’s Sales Spike
Bulk sales of agency MSRs were up 30.8% on an annual basis in the first half of 2026. United Wholesale Mortgage accounted for nearly 30% of all bulk sale volume in the second quarter. (Includes three data tables.)
Inside Mortgage Finance
Originations Increase in 2Q Amid Headwinds From Rates
The industry originated an estimated $570.00 billion of first-lien mortgages during the second quarter of 2026, thanks to a resilient purchase-mortgage market. (Includes two data tables.)
Inside Nonconforming Markets
Prime Non-Agency MBS Issuance Drops in 2Q
Issuance of prime non-agency mortgage-backed securities cooled off somewhat in the second quarter of 2026, but remained elevated on an annual basis. (Includes three data tables.)
Inside MBS & ABS
Reset Activity Drives 2Q26 Boost in CLO/CDO Issuance
Blackstone ranked as the top sponsor of CLO and CDO issued in the first six months of 2026, although Benefit Street Partners and Elmwood Asset Management both had bigger second quarters. (Includes two data files.)
Inside the CFPB
Mortgage Complaints to CFPB Hold Steady in Second Quarter
Servicing and loan modification issues continued to account for the majority of complaints filed with the bureau in the second quarter of 2026, including a rise in issues involving mods. (Includes two data tables.)
Inside The GSEs
Largest Servicers Lose Ground in Second Quarter
Outstanding GSE servicing at Rocket Mortgage fell 2.1% from the first quarter, but its holdings still surpassed Chase, the second largest GSE servicer, by more than $322 billion. (Includes two data tables.)
Inside FHA/VA Lending
FHA Loss-Mitigation Removals Spike in 2Q
The amount of FHA loans removed from Ginnie Mae securities for loss-mitigation purposes more than doubled from the first to the second quarter. Overall, repurchases from the Ginnie program declined slightly. (Includes two data charts.)

Inside The GSEs

Largest Servicers Lose Ground in Second Quarter
Outstanding GSE servicing at Rocket Mortgage fell 2.1% from the first quarter, but its holdings still surpassed Chase, the second largest GSE servicer, by more than $322 billion. (Includes two data tables.)
Dialing Back Suspended Counterparty Enforcement
FHFA proposes eliminating the “reputational harm” provisions in the regulation to comply with an executive order issued last August.
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?