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Federal Agencies Rescind SPCP Authorization
August 28, 2026
Federal Housing Finance Agency Director Bill Pulte directed Fannie Mae and Freddie Mac to end support for special purpose credit programs earlier this year. But now other agencies are also ending authorization for the programs.
Non-QM Originations Outpaced Market in Q2
August 28, 2026
The nonconforming sector posted a 23.5% fain from the first quarter.
FHA MIP Cut Rumors Circulate Ahead of Midterms
August 28, 2026
But real movement on mortgage insurance premium cuts isn't likely to happen at least until polling results indicate which party will control the next Congress.
DSCRs Shrank in Recent Vintage Conduit Rental CMBS
August 28, 2026
Recent vintages are showing deterioration in debt service coverage ratios compared to their levels at underwriting, according to Trepp.

Inside FHA/VA Lending
Slowing Refis Drag on Ginnie Issuance in July
Issuance of Ginnie Mae mortgage-backed securities eased in July as securitizations of refinances dropped. (Includes two data tables.)
Servicing
Chase Non-Agency RMBS Servicing Rebounds in 2Q
JPMorgan Chase was the only servicer among the top five that handled new servicing on non-agency mortgage-backed securities to post a quarterly increase during the second quarter. (Includes data table.)
Ratings
Fitch Retains Top Ranking in MBS & ABS Ratings in 2Q
Morningstar DBRS and Moody’s gained share in non-agency MBS ratings in the second quarter, while S&P made up ground in the ABS market. Fitch, however, remained the top rating service in both sectors. (Includes two data charts.)
Originations
Refis Trail Off in 2Q, Purchase Lending Slightly Ahead of 2025
Refi volume declined by 32.7% from the first quarter to the second but nearly doubled year to date. Meanwhile, purchase-mortgage originations increased by just 4.7% year to date. (Includes five data tables.)
Earnings
GSEs Deliver Consistent Profits; No Closer to Solvency
Combined net interest income at the GSEs has averaged $12.94 billion per quarter over the past year. And since the beginning of 2022, combined net income hasn’t dipped below $11.29 billion. (Includes data table.)
Earnings
Bank Mortgage Earnings Tick Up in Second Quarter
A group of 26 banks increased their mortgage earnings by 3.8% on a quarterly basis during the second quarter. Six months into the year, earnings were down 1.0% compared with the first half of 2025, with interest rates weighing on production. (Includes two data tables.)

Inside Mortgage Finance

All Products Gained in 2Q But Agency Market Lagged
The conventional-conforming sector lagged in an otherwise upbeat mortgage market. (Includes two data files.)
Economists Trim Estimates for Mortgage Originations
Market uncertainty and rising costs have led some economists to revise their origination forecast for the rest of this year and into 2027.
- Several Senior Fannie Executives Let Go
- Private Mortgage Insurers Ready for VantageScore 4.0
More Inside Mortgage Finance

Inside MBS & ABS

Second-Level Agency MBS Rises in 2Q, CMOs Down
August 27, 2026
Freddie saw a big increase in Supers issuance in the second quarter, while Fannie production was flat. Fannie, however, was the only agency with an increase in REMIC/CMO production. (Includes two data tables.)
Banks See Modest Increase in MBS Holdings, Ginnie Gains
August 27, 2026
Most of the increase in banks’ MBS investment was in Ginnie Mae pass-throughs, which grew a modest 1.5% from the first quarter. Holdings of non-agency securities declined. (Includes two data tables.)
Ginnie Continues Effort Toward Loan-Level Operations
August 27, 2026
The agency is working on a project to track issuers’ final certifications as the latest stage of its loan-level transformation initiative.
NAIC Proposes New ABS Bond Qualifications
August 27, 2026
The proposal would add two new provisions regarding ABS qualification under the NAIC’s principles-based bond definition.

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency Jumbo Lending Increases in Second Quarter
August 28, 2026
Non-agency jumbo mortgage production increased by 25.0% on a quarterly basis in the second quarter to an estimated $90.00 billion. (Includes data table.)
Changes to GSE Condo Rules Could Boost Non-QM Market
August 28, 2026
With stricter condo lending requirements at the government-sponsored enterprises, more projects may be considered non-warrantable, pushing more business to the non-agency side of the market.
Velocity to Acquire Toorak’s Operating Platform
August 28, 2026
The $3.2 billion all-cash transaction is expected to close in the fourth quarter.
Jumbo Servicing Volume Increases in Second Quarter
August 28, 2026
The volume of jumbo mortgages handled by 30 major servicers increased by 1.1% from the end of March to the end of June. (Includes data table.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Nonbanks See Decline in Mortgage-Banking Income in 2Q
August 21, 2026
A group of 13 publicly traded nonbank lenders reported a combined $2.20 billion in mortgage-banking income for the second quarter, down 32.3% from the first quarter. (Includes data table.)
Mortgage Defect Rate Posts Biggest Quarterly Jump in 4 Years
August 21, 2026
A brief increase in refinance activity during the first quarter of 2026 pushed the defect rate to a recent high, according to ACES Quality Management.
Bank MSR Values Steady; Portfolios Lowest Since 2005
August 21, 2026
The banking industry continued to pare its servicing-for-others. But MSR values held steady on a quarterly basis at the end of June. (Includes data table.)
CFPB RFI Sparks Renewed Interest in LO Comp Reform
August 21, 2026
The Community Home Lenders of America urged the CFPB to pursue loan originator compensation reform as the bureau weighs changes to the TILA-RESPA Integrated Disclosures rule.

More Inside Mortgage Trends

Inside FHA/VA Lending

FHA, VA Production Strong Even as Refis Decline in 2Q
Refinances of loans insured by the Department of Veterans Affairs declined in the second quarter, according to an Inside FHA/VA Lending analysis and ranking of endorsement data. (Includes three data tables.)
FHA Mortgage Insurance Premium Cut Chatter Perks Up
Sources say chatter of a potential reduction to FHA’s mortgage insurance premium has been circulating around Washington, DC.
Ginnie Cautiously Exploring AI Use Cases
Ginnie Mae is using its internal framework to evaluate potential use cases for AI, to avoid feeding data into a public model, according to its president, Joe Gormley.
MBA Defends FHA Program, Nonbanks
The Mortgage Bankers Association fired back in defense of the FHA program and nonbank participants after an opinion piece in the Wall Street Journal suggested nonbanks engaged in risky underwriting under the government guarantee.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Nonbanks See Decline in Mortgage-Banking Income in 2Q
A group of 13 publicly traded nonbank lenders reported a combined $2.20 billion in mortgage-banking income for the second quarter, down 32.3% from the first quarter. (Includes data table.)
Inside Mortgage Finance
All Products Gained in 2Q But Agency Market Lagged
The conventional-conforming sector lagged in an otherwise upbeat mortgage market. (Includes two data files.)
Inside Nonconforming Markets
Non-Agency Jumbo Lending Increases in Second Quarter
Non-agency jumbo mortgage production increased by 25.0% on a quarterly basis in the second quarter to an estimated $90.00 billion. (Includes data table.)
Inside MBS & ABS
Second-Level Agency MBS Rises in 2Q, CMOs Down
Freddie saw a big increase in Supers issuance in the second quarter, while Fannie production was flat. Fannie, however, was the only agency with an increase in REMIC/CMO production. (Includes two data tables.)
Inside the CFPB
Johnson’s Past Remarks Offer Insight on His Priorities for CFPB
Brian Johnson, CFPB director nominee, over the years has criticized the CFPB’s enforcement of RESPA, among other issues.
Inside The GSEs
GSE Single-Family Business Declines in July as Refis Slump
Seven of the top 10 GSE sellers saw a monthly decline in deliveries to Fannie Mae and Freddie Mac in July. (Includes two data tables.)
Inside FHA/VA Lending
FHA, VA Production Strong Even as Refis Decline in 2Q
Refinances of loans insured by the Department of Veterans Affairs declined in the second quarter, according to an Inside FHA/VA Lending analysis and ranking of endorsement data. (Includes three data tables.)

Inside The GSEs

GSE Single-Family Business Declines in July as Refis Slump
Seven of the top 10 GSE sellers saw a monthly decline in deliveries to Fannie Mae and Freddie Mac in July. (Includes two data tables.)
Little Pushback to Proposed Weakening of SCP Rule
FHFA’s plan to remove the term reputational harm from the suspended counterparty program regulation appears to have near universal support from mortgage industry stakeholders.
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?