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First-Lien Originations Decline by 16% in Third Quarter
October 30, 2026
An estimated $490.0 billion of first-lien mortgages were originated in the third quarter, down 15.5% from the second quarter, according to a new ranking and analysis by Inside Mortgage Finance.
Income Spikes at Rocket in Third Quarter, Helped by Servicing
October 30, 2026
Rocket disclosed that it sold mortgage servicing rights with a total unpaid principal balance of $23 billion during the quarter, generating $379 million of cash proceeds.
Redwood Issuing Private Non-Agency MBS, No AAA Ratings
October 30, 2026
The relatively low ratings for the senior tranches of the deals are tied to credit enhancement levels and deal structures.
Pennymac Sees Loss on Production in 3Q; Servicing Profits
October 30, 2026
“Our servicing business delivered strong profitability, while our production segment reported a pre-tax loss due to an industry-wide contraction in origination activity coupled with margin pressure near the end of the quarter,” said David Spector, chairman and CEO of Pennymac.

Buybacks
Seller Repurchases of GSE Loans Bounce Up in 2Q
Seller repurchases of defective Fannie/Freddie loans increased 19% from the first to the second quarter of 2026. Although the 2025 book appears to be one of the cleanest in recent years, unresolved buyback claims were up 18% in the second quarter. (Includes three data tables.)
Channels
Retail Share Rising in Conventional-Conforming
The retail channel accounted for 44.2% of conventional-conforming originations in the second quarter among a large group of survey participants, up from a 41.4% share in the first quarter and a share of 38.9% in the second quarter of 2025. (Includes two data tables.)
MBS
Refi Activity Plummets, Dragging Down Agency MBS in 3Q
The flow of refis into agency MBS nearly halved during the third quarter. Purchase-mortgage volume was up 12.5% on a sequential basis; but over the first nine months, it was up only 1.3% year over year. (Includes two data tables.)
Originations
ARM Production Rebounds
Originations of adjustable-rate mortgages bounced back in the second quarter after a decline in the quarter prior. (Includes data table.)
Originations
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.)
Originations
Origination Share Up for Nonbanks, Large Lenders in 2026
Nonbank mortgage originations increased by 30.3% on an annual basis in the first half of 2026 while bank production was up 22.2%. (Includes two data tables.)

Inside Mortgage Finance

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.)
Leaders of Mortgage Companies See Risks From AI Crash
Mortgage executives are bracing for economic ripples from upsets in the AI space.
- Credit Bureaus Defend Tri-Merge, Prepare for Impact
- Trump EO Underwhelms Mortgage Industry
More Inside Mortgage Finance

Inside MBS & ABS

Resets Drive CLO/CDO Issuance Higher in 3Q
October 29, 2026
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.)
MBS Investors Look to Adjust With VantageScore
October 29, 2026
Usage of VantageScore 4.0 is rising among mortgage lenders, helped by LLPAs at the GSEs and low prices for the scores. However, MBS investors have some hesitation regarding how VS4 scores compare to FICO scores.
GSEs See Benefits and Some Downside From Higher Rates
October 29, 2026
Higher interest rates often cut into new business at Fannie Mae and Freddie Mac, but it helps preserve ongoing guarantee fees by reducing prepayments.
Redwood’s Non-AAA Rated Private MBS Come to Light
October 29, 2026
Redwood Trust has been issuing non-agency MBS on its Sequoia shelf via private securitizations with minimal disclosures. The collateral in the deals is similar to typical Sequoia issuance but the securitizations receive sub-AAA ratings due to their structures.

More Inside MBS & ABS

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Inside Nonconforming Markets

Major Lenders Pull Back on ECM MBS in 3Q
October 23, 2026
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.)
High Rates Push Lending Activity to Expanded-Credit Market
October 23, 2026
Rising interest rates are constraining originations of traditional mortgages and leading to a higher share for the expanded-credit market.
Annaly Continues to Increase Non-Agency MBS Issuance
October 23, 2026
The firm set an issuance volume record for the seventh straight quarter in the third quarter of 2026.
Cake Mortgage Sees Record Volume With Non-QMs
October 23, 2026
Non-QM wholesaler Cake Mortgage is posting record production this year, and plans to keep the momentum going by entering a new lending channel.

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

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.)
Former FHA Head Laments Programs That Didn’t Make Cut
Former FHA Commissioner Frank Cassidy wishes FHA had been able to prioritize reforms to encourage more originations of small-dollar mortgages while he was running the agency.
FHA Expects Alt Credit Scores to Improve Modeling
VantageScore 4.0 and FICO 10T will help save FHA money by improving its loan modeling, said Commissioner-nominee Matt Jones.
GAO: HUD Lost Experienced Staff in 2025
More than a third of staff members who left the Department of Housing and Urban Development last year had been with the agency for 20 or more years, according to the Government Accountability Office.

More Inside FHA/VA Lending

Premium Newsletter Content

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
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 Nonconforming Markets
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.)
Inside MBS & ABS
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.)
Inside the CFPB
CFPB Actions Uncertain as Johnson Confirmation Drags On
Industry experts said it’s unclear what actions the CFPB will pursue while waiting for Brian Johnson to be confirmed as CFPB director.
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
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.)

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?