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Mixed Trends for Agency MBS Volume in First Quarter
April 4, 2025
Issuance in the first quarter of 2025 declined compared with the fourth quarter of 2024. However, issuance was above the level seen in the first quarter of 2024.
Trump’s Tariffs Shake Up Outlook for Mortgage Market
April 4, 2025
The 10-year Treasury rate is declining and the possibility of a recession is growing.
VA to End VASP Program, MBA Seeks Alternative
April 4, 2025
"This change is necessary because VA is not set up or intended to be a mortgage loan restructuring service," said a VA spokesperson.
Some Push and Pull on Mortgage Spreads
April 4, 2025
Multiple factors are weighing on the spread between the 10-year Treasury rate and interest rates on mortgages.

Government-Insured Originations
FHA Lending Slows in Fourth Quarter Despite Refi Spike
FHA-to-FHA refis increased by nearly 70% in the fourth quarter while purchase mortgage volume slid 12.4%. United Wholesale Mortgage remained the largest FHA lender in 2024.
Originations
Correspondents Regain Some Nonconforming Share in 4Q
The correspondent share of nonconforming originations returned to the double digits in the fourth quarter of 2024. Though for the full year, correspondents lost market share.
Originations
ARM Lending, Market Share Increase in Fourth Quarter
Homebuilder Lennar and First-Citizens Bank & Trust posted strong increases in originations of adjustable-rate mortgages.
Servicing
Shellpoint Remains Top Servicer of Non-Agency MBS in 4Q
Shellpoint handled servicing on 26.6% of the dollar volume of non-agency MBS issued during the fourth quarter.
Ratings
Fitch Still Tops in RMBS, S&P Takes Crown in ABS
Fitch, Kroll and DBRS continued to dominate the business of rating non-agency MBS in 2024, but S&P and Moody’s remained heavy hitters in rating ABS.
Non-Agency MBS
MBS Share of Non-Agency Deliveries Up in 2024
The securitization rate for non-agency jumbo mortgages more than doubled on an annual basis in 2024. And the non-agency MBS share of originations of expanded-credit mortgages increased. (Includes data table.)

Inside Mortgage Finance

Agency Single-Family MBS Market Tanks in Early 2025
Agency refinance volume was down sharply in the first quarter but it got off to a faster start than in early 2024. Most measures of agency volume were down, but the share of higher-risk loans was trending higher. (Includes two data tables.)
Rocket and Mr. Cooper — It’s All About the MSR
Origination giant Rocket is purchasing servicing behemoth Mr. Cooper at a premium. The biggest risk for Rocket is that mortgage rates might finally decline markedly in the coming quarters. Or is that an advantage?
- Talk: Onity Considering Sale as Offering Book Circulates
- Federal Judge Blocks Trump From Dismantling CFPB
More Inside Mortgage Finance

Inside MBS & ABS

Structured Finance Issuance Off to a Wobbly Start in 2025
April 3, 2025
Issuance of new residential MBS, commercial MBS and ABS in early 2025 declined about 9% from the fourth quarter, although most sectors were up compared to a year ago. Monthly trends in March were mixed. (Includes three data tables.)
Rocket, Mr. Cooper Deal Expected to Drive Prepayments Higher
April 3, 2025
Rocket is set to acquire Mr. Cooper, the second-largest servicer of loans in agency MBS. Rocket, which has a significantly high recapture rate, plans to boost retention efforts on Mr. Cooper’s portfolio.
Members of Congress Press Powell on Securitization
April 3, 2025
Reps. Ann Wagner, R-MO, and Brad Sherman, D-CA, raised concerns of the securitization industry with Federal Reserve Chair Jerome Powell. They aim to influence a proposal to implement changes to capital requirements for large banks.
Not Much Relief for High Mortgage Rates
April 3, 2025
The yield on the benchmark 10-year Treasury has fallen in recent weeks but primary mortgage rates haven’t moved in lockstep.

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency MBS Market Starts Strong in 2025
April 4, 2025
Expanded-credit mortgages, jumbo loans and GSE-eligible collateral in MBS securitizations were all up in the first quarter of 2025. (Includes data tables.)
ARDRI Enters Non-QM Via Wholesale Lending
April 4, 2025
Brian O’Shaughnessy, the former co-CEO of Rama Capital Partners, launched ARDRI to provide a mix of the latest technology and customer-focused operations for non-QM mortgage brokers.
Non-Agency Still an Option for Non-Permanent Residents
April 4, 2025
A change in FHA lending requirements could lead to more non-permanent residents using non-QM options.
GSE Noncore Activity Declines in First Quarter
April 4, 2025
Volume of noncore products at the GSEs shifted downward in the first quarter as questions around the future of Fannie Mae and Freddie Mac persist. (Includes data table.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Wholesalers Gain Share in Conventional-Conforming Lending
March 28, 2025
Wholesale-broker originators boosted their market share in conventional-conforming mortgages in the fourth quarter. Correspondents regained some previously lost ground in FHA/VA lending while retail remained king of the nonconforming segment. (Includes two data tables.)
Servicing Bounces Back in 4Q24, Production Falters
March 28, 2025
Most lenders reported significant improvement in servicing profitability that was driven by MSR markups. But results varied greatly on the production side, where lenders that rely on TPO channels fared much better. (Includes data tables.)
Young Latinos Pick Up Homebuying Pace
March 28, 2025
Hispanics accounted for 35% of U.S. homeownership growth last year, the largest share of any racial or ethnic group, according to a new report from the National Association of Hispanic Real Estate Professionals.
Bank Retail Production, Loan Sales Slow in Fourth Quarter
March 28, 2025
The decline in retail origination at banks and thrifts came even as overall originations increased slightly from the third to the fourth quarter. (Includes two data tables.)

More Inside Mortgage Trends

Inside FHA/VA Lending

Refis Slow in Ginnie Market in First Quarter of 2025
A rise in interest rates around the beginning of the year suppressed refi volume to some extent. PennyMac was the top Ginnie issuer of both FHA and VA mortgages in the first quarter. (Includes four data tables.)
VA to End VASP, Prompting Uncertainty for Servicers
The program, developed by the Biden administration, purchases delinquent VA loans from servicers to help veterans avoid foreclosure.
HUD Limits FHA Eligibility Based on Borrower Residency
The elimination of eligibility of non-permanent U.S. residents for FHA loans could leave FHA lenders liable for mistakes made when certifying a borrower’s residency status.
Uncertainty Persists for HUD Programs and Employees
Previously-fired probationary employees at HUD are stuck in an administrative leave purgatory awaiting a court decision, while rumors continue to circulate of field-office closures.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Servicing Bounces Back in 4Q24, Production Falters
Most lenders reported significant improvement in servicing profitability that was driven by MSR markups. But results varied greatly on the production side, where lenders that rely on TPO channels fared much better. (Includes data tables.)
Inside Mortgage Finance
Agency Single-Family MBS Market Tanks in Early 2025
Agency refinance volume was down sharply in the first quarter but it got off to a faster start than in early 2024. Most measures of agency volume were down, but the share of higher-risk loans was trending higher. (Includes two data tables.)
Inside Nonconforming Markets
Non-Agency MBS Market Starts Strong in 2025
Expanded-credit mortgages, jumbo loans and GSE-eligible collateral in MBS securitizations were all up in the first quarter of 2025. (Includes data tables.)
Inside MBS & ABS
Structured Finance Issuance Off to a Wobbly Start in 2025
Issuance of new residential MBS, commercial MBS and ABS in early 2025 declined about 9% from the fourth quarter, although most sectors were up compared to a year ago. Monthly trends in March were mixed. (Includes three data tables.)
Inside the CFPB
Preliminary Injunction in NTEU Lawsuit Halts Trump
The injunction is in place until the court resolves the lawsuit brought by the NTEU. The Trump administration appealed the order.
Inside The GSEs
Seller Repurchases Edge Up, Pending Pipeline Declines
Fannie reported a 3.6% increase in seller repurchases during the fourth quarter, while Freddie volume was essentially flat. For the year, lender buybacks were down 36% from 2023. (Includes three data tables.)
Inside FHA/VA Lending
Refis Slow in Ginnie Market in First Quarter of 2025
A rise in interest rates around the beginning of the year suppressed refi volume to some extent. PennyMac was the top Ginnie issuer of both FHA and VA mortgages in the first quarter. (Includes four data tables.)

Inside The GSEs

Seller Repurchases Edge Up, Pending Pipeline Declines
Fannie reported a 3.6% increase in seller repurchases during the fourth quarter, while Freddie volume was essentially flat. For the year, lender buybacks were down 36% from 2023. (Includes three data tables.)
FHFA Rescinds Numerous Biden-Era Policies
FHFA under the leadership of Bill Pulte has rescinded, deleted or closed at least eight agency directives without providing notice on the agency’s website or announcing the changes in a press release.
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?