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ARM Originations, Market Share Increase in 2Q
October 1, 2026
The ARM share of first-lien originations increased to 16.8% from 15.0% in the first quarter.
FHA Commissioner Nominee Jones Targets Cost Reductions
October 1, 2026
Matt Jones, the Trump administration’s nominee for commissioner of FHA, plans to continue to work to reduce mortgage costs and housing costs if confirmed for the position.
Pulte Faces Calls to Resign Following FHFA IG Budget Plan
October 1, 2026
FHFA’s IG told members of Congress that the planned budget cuts would require the IG to wind down its operations and cut nearly its entire staff.
Garg Claims Enough Support to Shake Up Better
October 1, 2026
In recent weeks, Better has disputed shareholder share counts announced by Garg and accused him of violations of securities laws in his effort to remove directors at the company.

Investors
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.)
Servicing
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.)
Servicing
GSE Share of Servicing Declines Again
The GSEs’ share of servicing topped out at 50.4% in March 2022 and has declined each quarter since then. (Includes two data tables.)
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.)

Inside Mortgage Finance

Originations of Home Equity Loans Rise 20% in 2Q
Home equity lending is being fueled by accumulation of equity and elevated interest rates, which have diminished demand for refis. (Includes three data tables.)
FHFA Ends 20-Point Haircut Applied to VS4 Scores
Critics argue that applying the same LLPA pricing grids to VS4 and Classic FICO will camouflage, but not eliminate, the added credit risk associated with the typically higher VS4 score.
- Broeksmit Calls for Lower LLPAs, FHA MIP Cut
- Ginnie Assessing Bifurcation of Servicing Advances
More Inside Mortgage Finance

Inside MBS & ABS

RMBS Market Breaks New Ground: $10 Trillion in June
October 1, 2026
Ginnie Mae and the non-agency MBS sector led residential MBS over the $10 trillion mark in the second quarter. Mutual funds and foreign investors increased their holdings. (Includes two data tables.)
GSE Portfolios Nearly Unchanged in August
October 1, 2026
MBS purchase levels at Fannie Mae and Freddie Mac continue to disappoint lenders looking for help with interest rates, though prospects look better for September reporting.
Secondary Market Slow to Respond to VantageScore 4.0
October 1, 2026
The third-party analytics models used by bond traders now accept VantageScore 4.0 loans, but their methodologies were designed before the confusion around loan-level price adjustment grids.
Non-Agency Securitization Rate Declines in 2Q
October 1, 2026
Interest rates on mortgages increased steadily throughout the second quarter, diminishing demand among non-agency MBS investors to some extent. (Includes data table.)

More Inside MBS & ABS

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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

Videos

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
Originations of Home Equity Loans Rise 20% in 2Q
Home equity lending is being fueled by accumulation of equity and elevated interest rates, which have diminished demand for refis. (Includes three data tables.)
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
RMBS Market Breaks New Ground: $10 Trillion in June
Ginnie Mae and the non-agency MBS sector led residential MBS over the $10 trillion mark in the second quarter. Mutual funds and foreign investors increased their holdings. (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?