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House Passes Bill That Raises IRRRL Fees
November 12, 2026
The Take Care of America's Veterans Act seeks to pay for some expanded benefits by raising the fee on VA Interest Rate Reduction Refinance Loans.
Ginnie Issuance Dropped in October
November 12, 2026
Ginnie Mae single-family issuance slipped 6.9% in October to $40.94 billion, the lowest monthly volume since February, according to a new ranking and analysis by Inside FHA/VA Lending.
AI Investments Begin to Pay Off
November 12, 2026
Lenders and servicers are starting to see returns on their investments in AI.
Fannie Publishes AI Guidance
November 12, 2026
Fannie Mae updated its information security and business resiliency supplement to set governance requirements for AI.

Agency MBS
Agency MBS Issuance Decelerates as Rates Ratchet Up in October
More GSE loans are being delivered with VantageScores, but most of them were priced based on their Classic FICO score in October. (Includes two data tables.)
Servicing
Some of the Largest Servicers Shrink in Third Quarter
Rocket and Chase both reduced their portfolios of owned MSRs and primary servicing. United Wholesale Mortgage and Pennymac are also in the process of selling large chunks of servicing. (Includes three data tables.)
Government-Insured Servicing
Top Ginnie Servicers Increase Portfolios in Third Quarter
Eight of the top 10 Ginnie Mae servicers had bigger portfolios at the end of September than at the midway point in the year. (Includes four data tables.)
Expanded Credit
Major Lenders Pull Back on ECM MBS in 3Q
Several lenders that typically contribute significant amounts of loans to expanded-credit mortgage-backed securities reduced their contributions in the third quarter of 2026. (Includes three data tables.)
CLO/CDO
Resets Drive CLO/CDO Issuance Higher in 3Q
Issuance of new BSL and MML deals rose smartly in the third quarter while CRE-backed issuance fell. Reset activity increased 23% from the second quarter. (Includes two data tables.)
Originations
Originations Tumble 16% in Third Quarter
Interest rates on mortgages increased by about 90 basis points during the third quarter, including a spike in September. That made it difficult to originate mortgages. (Includes two data tables.)

Inside Mortgage Finance

Primary MI Volume Declines in 3Q as Refis Spiral Down
Originations of home loans with primary mortgage insurance declined during the third quarter as rising interest rates stymied refinance activity across the board. (Includes four data tables.)
GSEs Expected to Adjust Pricing for Score Models
FICO’s CEO William Lansing was highly critical of the FHFA’s decision to treat Classic FICO and VantageScore 4.0 the same in terms of loan-level price adjustments.
- FICO’s Pricing for Scores in Flux With VantageScore Competition
- Smaller MSR Holders Wary of FASB’s New Proposal
More Inside Mortgage Finance

Inside MBS & ABS

CMBS Issuance Slips in 3Q, Still Running Ahead of 2025
November 12, 2026
Securitization of retail-property mortgages was a bright spot in the third quarter, as volume surged 60% from the previous period. The office, lodging and industrial sectors saw sharp declines, while multifamily was down in both agency and non-agency. (Includes two data tables.)
Spec-Pool Share of GSE MBS Sharply Up in Third Quarter
November 12, 2026
Specified pools accounted for more than half of GSE single-family MBS issued in the third quarter. The most popular pools were MBS with maximum loan amounts of $300,000 and loans with credit scores of 700 or less. (Includes data table.)
CMBS Distressed Loans Spread Nationwide
November 12, 2026
Delinquencies on loans in CMBS have risen as more loans reach maturity across the country.
Experts Debate Balance Sheet Changes at the Fed
November 12, 2026
Debate has picked up over the Federal Reserve’s balance sheet in advance of the anticipated early 2027 release of a task force report on the central bank’s balance sheet policy.

More Inside MBS & ABS

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Inside Nonconforming Markets

Prime Non-Agency MBS Up in 3Q, Led by Purchase Loans
November 6, 2026
Purchase mortgages accounted for 75.1% of prime non-agency MBS issuance in the third quarter, up from a 58.9% share in the previous quarter. (Includes three data tables.)
Jumbo Market Finds Stability Amid High Interest Rates
November 6, 2026
Rising interest rates have a distinct impact on the jumbo market, but borrowers and sellers in the space are finding a balance.
Redwood Losses Widen in 3Q Due to Legacy Issues
November 6, 2026
Redwood Trust reported a loss of $45.5 million in the third quarter, as well as a decline in its aggregation of non-agency mortgages.
Pennymac REIT Incurs Loss in 3Q, Eyes More Non-Agency
November 6, 2026
Pennymac Mortgage Investment Trust posted a $25.4 million loss in the third quarter. The REIT is shifting its correspondent acquisition activity to focus solely on non-agency mortgages.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Mortgage Earnings at Banks Take Hit in 3Q
October 30, 2026
The rise in interest rates during the third quarter limited originations and put pressure on profitability. The value of mortgage servicing rights increases as interest rates go up, but that wasn’t enough to offset declining production revenue at many banks. (Incldues one data table.)
Lenders, Servicers Seeing Cost Savings From AI
October 30, 2026
Companies are starting to reduce overhead costs through the use of AI in servicing and originations.
Mortgage Investors Adding Risk Penalty for New Credit Scores
October 30, 2026
Uncertainty regarding the performance of VantageScore 4.0 and FICO 10T compared with Classic FICO is prompting mortgage investors to penalize mortgages underwritten with new scoring models.
Riskier Mortgages Gain Some Share at GSEs in 3Q
October 30, 2026
Purchase mortgage share tilted toward mortgages with higher LTV ratios. And both purchase loans and refis saw a higher share of borrowers with low credit scores. (Includes two data tables.)

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Issuance Slump Continues in October
Ginnie Mae MBS issuance fell to an unseasonably low level in October, with declines in both purchase mortgages and refis. (Includes two data tables.)
Freedom’s CEO Warns of Coming Liquidity Squeeze
Ginnie Mae nonbank servicers are stuck between elevated delinquencies and rising interest rates from their warehouse lenders, pressure which threatens to lead to a moderate crisis if there’s an upset elsewhere in capital markets, said Freedom Mortgage CEO Stan Middleman.
UI Fellows Suggest Ginnie Servicer Liquidity Improvements
Ginnie Mae should focus on enacting more durable liquidity backstops for its nonbank issuers, the Urban Institute recommended.
Trump Targets Rate Reductions for Small Programs
President Trump’s recent executive order directed the Department of Veterans Affairs and U.S. Department of Agriculture to reduce rates on direct mortgage programs, which combined make a couple thousand loans each year.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Mortgage Earnings at Banks Take Hit in 3Q
The rise in interest rates during the third quarter limited originations and put pressure on profitability. The value of mortgage servicing rights increases as interest rates go up, but that wasn’t enough to offset declining production revenue at many banks. (Incldues one data table.)
Inside Mortgage Finance
Primary MI Volume Declines in 3Q as Refis Spiral Down
Originations of home loans with primary mortgage insurance declined during the third quarter as rising interest rates stymied refinance activity across the board. (Includes four data tables.)
Inside Nonconforming Markets
Prime Non-Agency MBS Up in 3Q, Led by Purchase Loans
Purchase mortgages accounted for 75.1% of prime non-agency MBS issuance in the third quarter, up from a 58.9% share in the previous quarter. (Includes three data tables.)
Inside MBS & ABS
CMBS Issuance Slips in 3Q, Still Running Ahead of 2025
Securitization of retail-property mortgages was a bright spot in the third quarter, as volume surged 60% from the previous period. The office, lodging and industrial sectors saw sharp declines, while multifamily was down in both agency and non-agency. (Includes two data tables.)
Inside the CFPB
Mortgage Complaints to CFPB Rise in Third Quarter
Servicing and loan modification issues continued to account for the bulk of complaints filed with the bureau during the third quarter.
Inside The GSEs
Large Nonbanks See Share of GSE Servicing Drop in 3Q
Small and mid-sized nonbanks increased their share of GSE servicing to 16.7% at the end of September from 15.8% as of the end of June. (Includes two data tables.)
Inside FHA/VA Lending
Ginnie Issuance Slump Continues in October
Ginnie Mae MBS issuance fell to an unseasonably low level in October, with declines in both purchase mortgages and refis. (Includes two data tables.)

Inside The GSEs

Large Nonbanks See Share of GSE Servicing Drop in 3Q
Small and mid-sized nonbanks increased their share of GSE servicing to 16.7% at the end of September from 15.8% as of the end of June. (Includes two data tables.)
GSEs Put a (Modest) Dent in Their Capital Shortfalls
Although Fannie Mae and Freddie Mac still face enormous capital shortfalls, retained earnings are beginning to make a mark. (Includes one data table.)
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?