Latest News

Court Extends Restraining Order on Federal Layoffs
March 27, 2025
The lawsuit covers the Consumer Financial Protection Bureau and the Department of Housing and Urban Development, among other agencies.
CFPB Moves to Return Townstone Settlement
March 27, 2025
The CFPB plans to dismiss its case against Townstone and reverse a settlement the parties reached last year.
Trump Administration Revises Residency Requirements for FHA
March 27, 2025
The change applies to borrowers such as those with work visas.
Non-Agency MBS Outstanding Up Sharply in 2024
March 27, 2025
The rate of growth for non-agency MBS outstanding in 2024 was four times that of the growth in agency MBS.

Non-Agency MBS
Non-Agency Market Paced 2024 Growth in MBS Supply
U.S. depository institutions remained key players supporting the MBS market, but their combined holdings declined in the fourth quarter. Mutual funds and life insurers picked up the slack. (Includes three data tables.)
Servicing
Ginnie MBS Drive Agency Servicing Volume in 2024
Loans in Ginnie Mae MBS accounted for 17.7% of total single-family mortgage servicing outstanding as of the end of 2024, up from a 17.0% share at the end of 2023. Nonbanks continue to gain share.
Servicing
Mr. Cooper Tops Cenlar in Subservicing Business
There’s a new market leader in the subservicing arena: Mr. Cooper. But with the OCC ready to lift sanctions against number-two-ranked Cenlar, a dog fight could be ahead.
CLO/CDO
Bank CLO Holdings Decline, More Data on Loans to CLO
Bank holdings of structured finance securities backed by business loans declined slightly in the fourth quarter, although several institutions grew their portfolios. (Includes data table.)
Investors
BHC Trading Accounts Retreat From MBS/ABS
Bank holding companies sharply reduced their trading-account holdings of MBS and ABS in the fourth quarter. JPMorgan Chase and Citi recorded significant declines. (Includes two data tables.)
Originations
Correspondent, Broker Share of Originations Up in 2024
The retail share of total first-lien originations declined to close to 50% in 2024. Brokers took share from the retail channel, led by United Wholesale Mortgage. (Includes six data tables.)

Inside Mortgage Finance

Home Equity Lending Slows in Fourth Quarter
The amount of available home equity ticked down during the fourth quarter and lenders saw a fall in demand from homeowners for home equity loans. Still, for the full year, home equity lending increased by 10.8%. (Includes three data tables.)
Court Extends Temporary Order Blocking Federal Layoffs
A federal court judge this week extended a temporary order pausing mass layoffs at federal agencies, including at the CFPB and HUD, by five days.
- Green Shoots for Warehouse Financiers in Fourth Quarter
- Purchase-Mortgage Borrowers Face Obstacles at Key Time
More Inside Mortgage Finance

Inside MBS & ABS

Fitch Still Tops in RMBS, S&P Takes Crown in ABS
March 27, 2025
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.
MBS Share of Non-Agency Deliveries Up in 2024
March 27, 2025
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.)
Experts Still Debating Government Guarantee of Agency MBS
March 27, 2025
Housing finance aficionados like the prospect of a GSE exit from conservatorship that includes the retention of the Treasury’s PSPA, especially if done in conjunction with a sovereign wealth fund.
Rithm Goes Big on MSR Securitizations
March 27, 2025
Rithm has once again used its servicing rights in a capital markets deal. Why haven’t other MSR owners followed its lead?

More Inside MBS & ABS

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Inside Nonconforming Markets

Correspondents Regain Some Nonconforming Share in 4Q
March 21, 2025
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.
Velocity Sees Record Profits in 4Q
March 21, 2025
The lender is seeing strong demand from borrowers and the secondary market for non-agency business purpose loans.
ARM Lending, Market Share Increase in Fourth Quarter
March 21, 2025
Homebuilder Lennar and First-Citizens Bank & Trust posted strong increases in originations of adjustable-rate mortgages.
Originators Turn to Non-QMs Ahead of Economic Uncertainty
March 21, 2025
Loan originators are looking to bank statement and DSCR loans to boost production in a higher-for-longer interest rate environment, according to Tom Hutchens, president of Angel Oak Mortgage Solutions.

More Inside Nonconforming Markets

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Inside Mortgage Trends

HUD OIG Finds Quality Control Concerns at loanDepot, CMG
March 21, 2025
The quality control processes of two FHA lenders affected review sample sizes, risk evaluations and reviews of loans that experience early payment defaults.
Nonbanks Win Big in 4Q24 MSR Valuation Sweepstakes
March 14, 2025
Mortgage-banking income reported by nonbank lenders nearly tripled in the fourth quarter to $3.86 billion. The gain came from massive markups of MSR values thanks to rising interest rates. (Includes data table.)
loanDepot Takes Loss in 4Q, Preps for Executive Shuffle
March 14, 2025
After achieving profitability in the third quarter, loanDepot returned to the red in the fourth quarter. And the CEO brought on to turn the nonbank’s fortunes around three years ago is departing, with company founder Anthony Hsieh taking a larger role.
Guild Selling More Servicing, Citing Investor Demand
March 14, 2025
With bids for MSRs remaining strong, Guild Mortgage sharply reduced the share of its mortgages originated with servicing retained in 2024.

More Inside Mortgage Trends

Inside FHA/VA Lending

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.
Effects of HUD Staffing Cuts Elusive for FHA Lenders
FHA lending looks to be continuing uninterrupted amid recent staff cuts at HUD, though there are concerns about operations and oversight going forward.
Correspondents Recapture Government Lending Share
In the fourth quarter of 2024, correspondent aggregators regained FHA/VA market share previously lost to wholesale-brokers.
FHA Rescinds Biden-Era Anti-Bias Appraisal Policies
FHA walked back appraisal policies introduced during the Biden administration that had aimed to counter the effects of discrimination in property valuations.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Nonbanks Win Big in 4Q24 MSR Valuation Sweepstakes
Mortgage-banking income reported by nonbank lenders nearly tripled in the fourth quarter to $3.86 billion. The gain came from massive markups of MSR values thanks to rising interest rates. (Includes data table.)
Inside Mortgage Finance
Home Equity Lending Slows in Fourth Quarter
The amount of available home equity ticked down during the fourth quarter and lenders saw a fall in demand from homeowners for home equity loans. Still, for the full year, home equity lending increased by 10.8%. (Includes three data tables.)
Inside Nonconforming Markets
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.
Inside MBS & ABS
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.
Inside the CFPB
Freeze on CFPB Terminations Extended Amid Litigation
A U.S. district court convened a two-day hearing last week in the National Treasury Employees Union’s lawsuit aimed at stopping an effort by the Trump administration to greatly diminish the CFPB. The judge extended a freeze on contract terminations by the CFPB while contemplating a ruling on a preliminary injunction.
Inside The GSEs
Freddie Tops Fannie Again With MBS Volume in February
So far this year, 53.9% of GSE deliveries went to Freddie Mac compared to 44.7% in the first two months of 2024. (Includes two data tables.)
Inside FHA/VA Lending
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.

Inside The GSEs

Freddie Tops Fannie Again With MBS Volume in February
So far this year, 53.9% of GSE deliveries went to Freddie Mac compared to 44.7% in the first two months of 2024. (Includes two data tables.)
Pulte Confirmed as FHFA Director; Outlook Uncertain
Three Democrats joined Senate Republicans in a vote to make Bill Pulte, the grandson of the founder of homebuilding giant PulteGroup, the chief regulator of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
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?