Latest News

Consumer Groups File Lawsuit Against CFPB on ECOA Final Rule
May 28, 2026
The consumer groups raised various legal arguments about the final rule, including that it was issued in violation of various laws that set requirements for the rulemaking process.
SFA Simplifies Compliance Reviews for Closed-End Seconds
May 28, 2026
The guidelines for closed-end seconds will permit a partial compliance review, a departure from the current TRID Grid 4.0.
Fannie Adds Agency MBS at Slower Pace in April
May 28, 2026
Fannie held $110.46 billion of agency MBS as of the end of April, a 5.3% increase compared with the end of March.
Banks Reduce Mortgage Holdings During First Quarter
May 28, 2026
The decline included a reduction in holdings of adjustable-rate mortgages.

Investors
Bank MBS Holdings Rise in 1Q26, Investors Like Ginnie
Some large banks repositioned their portfolios to favor Ginnie pass-throughs during the first quarter of 2026, and several regional banks closed mergers that grew their MBS holdings. (Includes two data tables.)
Originations
Refi Share of Originations Nears 50% in First Quarter
The refi share of originations hit 46.7% in the first quarter, thanks to low interest rates in January and February. Purchase-mortgage volume was up 3.7% compared to the first quarter of 2025. (Includes four data tables.)
Ginnie Mae Issuance
Ginnie Issuance Up Across the Board in April
Issuance of loans to Ginnie Mae mortgage-backed securities hit a four-year peak in April, marked by strong refinance volume and rising activity involving loan modifications. (Includes two data tables.)
Securitization
GSE-Eligible Loans, Refis Fuel Prime Non-Agency MBS
Issuance of prime non-agency mortgage-backed securities increased by 17.0% on a quarterly basis in the first quarter of 2026. (Includes three data tables.)
Jumbo
Jumbo Correspondent Sellers Shift Strategies in 2025
Correspondent sales of jumbo mortgages increased by 39.7% on an annual basis in 2025. (Includes two data tables.)
Commercial MBS
CMBS Issuance Stumbles in 1Q as Agency Sags
Issuance of non-agency CMBS was up 13% from the fourth quarter to $41 billion, including big gains in retail, office and multifamily. But agency multifamily MBS production fell 22%. (Includes two data tables.)

Inside Mortgage Finance

Conventional-Conforming Share of Lending Up in 1Q
Conventional-conforming mortgages accounted for 54.3% of originations in the first quarter of 2026. Rocket Mortgage was the top producer of the loans in the quarter. (Includes two data tables.)
Rate Cut Under New Fed Chair Unlikely This Year
The interest rate outlook is looking better for MSR values than it is for mortgage originations. New Fed Chair Kevin Warsh faces headwinds on a rate cut this year, with some economists anticipating that the next move by the central bank will actually be a rate hike.
- ARM Share Poised to Remain Elevated
- Rocket, Redfin Offer Discount With Home Purchase
More Inside Mortgage Finance

Inside MBS & ABS

Bank Holdings of Consumer ABS Trend Higher in 1Q
May 28, 2026
Bank ABS holdings rose in the first quarter thanks to sizable gains in securities backed by consumer and auto loans. TD Bank accounted for much of the increase. (Includes two data tables.)
SFA Simplifies TRID Compliance Review for Home Equity Loans
May 28, 2026
The voluntary scope aims to standardize practices among due diligence reviewers and also prevent a “race to the bottom.”
eNotes Struggle to Take Off Despite Evident Cost Savings
May 28, 2026
A relatively small portion of mortgages use eNotes despite the insistence of trendsetters that eNotes have boosted their bottom lines.
Supers/Platinum, Agency CMO Volume up in First Quarter
May 28, 2026
Fannie saw a slightly bigger increase in Supers issuance than Freddie did in the first quarter. Ginnie Platinum issuance was down, but the agency led the way in CMO production. (Includes two data tables.)

More Inside MBS & ABS

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Inside Nonconforming Markets

Banks’ Mortgage Holdings Inch Down in First Quarter
May 22, 2026
Adjustable-rate mortgages accounted for 38.2% of first-lien holdings at banks and thrifts at the end of March, down from 42.6% at the end of December. (Includes data table.)
Non-QM Lenders Look to Maintain Momentum
May 22, 2026
At the MBA’s secondary market conference this week, non-agency industry participants discussed how to keep non-QM originations flowing through market volatility.
Explosion of Insurance Capital Helping DSCR Lending
May 22, 2026
Demand from insurance companies is helping fuel originations of mortgages underwritten with debt service coverage ratios.
Chase Lags on Non-Agency MBS Servicing
May 22, 2026
Among the top-five servicers handling non-agency mortgage-backed securities, JPMorgan Chase was the only servicer to see a drop in volume in the first quarter. (Includes data table.)

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Primary MI Volume Falls in 1Q; FHA Boosts Refi Share
May 29, 2026
The volume of loans with primary insurance coverage flowing into agency mortgage-backed securities declined during the first quarter of 2026. FHA refinances in agency MBS issuance were up 8.0%. (Includes two data tables.)
Rocket Mortgage Begins Using VantageScore 4.0
May 29, 2026
A senior executive at the mortgage giant provides a rare glimpse into the how the new credit score impacts lender operations.
Banks’ Servicing Valuations Strengthen in First Quarter
May 29, 2026
Banks and thrifts decreased the amount of mortgage servicing they handle for other entities in the first quarter. Meanwhile, valuations for the servicing asset increased for the third straight quarter. (Includes data table.)
GO Mortgage to Compete in Wholesale Channel Using AI
May 29, 2026
Florida-based GO Mortgage believes its mix of strong technology and personal touch will differentiate the lender from giants in the wholesale channel.

More Inside Mortgage Trends

Inside FHA/VA Lending

FHA Refis Sole Bright Spot in First-Quarter Originations
Overall, FHA and VA lending declined by 8.3% on a quarterly basis in the first quarter of 2026. FHA refi volume was up, helped by loans to existing FHA borrowers. (Includes three data tables.)
Risk Lingers for FHA Portfolio With Economy Unsteady
Although changes to FHA’s loss-mitigation policies are expected to resolve most of the persistent re-defaults in its portfolio, FHA borrowers continue to be the most exposed to financial stressors.
Gormley Running FHA With a Hands-Off Approach
Ginnie Mae President Joe Gormley addressed how he’s been filling a dual role as temporary FHA head since Commissioner Frank Cassidy went on leave from the position in April.
Denial Rates on Government-Insured Mortgages Steady in 2025
Lenders turned down 22.0% of applications received for FHA loans in 2025. The rejection rate on VA mortgages was a more modest 16.1%. (Includes data table.)

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Nonbanks See Rebound in Mortgage-Banking Income
Most of the overall increase in nonbank mortgage-banking income in the first quarter of 2026 came from Rithm Capital, which saw a big improvement on the servicing side. (Includes data table.)
Inside Mortgage Finance
Conventional-Conforming Share of Lending Up in 1Q
Conventional-conforming mortgages accounted for 54.3% of originations in the first quarter of 2026. Rocket Mortgage was the top producer of the loans in the quarter. (Includes two data tables.)
Inside Nonconforming Markets
Banks’ Mortgage Holdings Inch Down in First Quarter
Adjustable-rate mortgages accounted for 38.2% of first-lien holdings at banks and thrifts at the end of March, down from 42.6% at the end of December. (Includes data table.)
Inside MBS & ABS
Bank Holdings of Consumer ABS Trend Higher in 1Q
Bank ABS holdings rose in the first quarter thanks to sizable gains in securities backed by consumer and auto loans. TD Bank accounted for much of the increase. (Includes two data tables.)
Inside the CFPB
California Taps Chopra for New Watchdog Agency
The former director of the CFPB will lead California’s new Business and Consumer Services Agency, which will launch July 1.
Inside The GSEs
GSE Deliveries Increase in April, Credit Box Tightens
Single-family MBS issuance by Fannie Mae and Freddie Mac increased by 8.5% from March to April. Lenders boosted their deliveries without compromising on underwriting standards for purchase mortgages. (Includes two data tables.)
Inside FHA/VA Lending
FHA Refis Sole Bright Spot in First-Quarter Originations
Overall, FHA and VA lending declined by 8.3% on a quarterly basis in the first quarter of 2026. FHA refi volume was up, helped by loans to existing FHA borrowers. (Includes three data tables.)

Inside The GSEs

GSE Deliveries Increase in April, Credit Box Tightens
Single-family MBS issuance by Fannie Mae and Freddie Mac increased by 8.5% from March to April. Lenders boosted their deliveries without compromising on underwriting standards for purchase mortgages. (Includes two data tables.)
Lenders, Investors Wait for Historical FICO 10T Data
Both VantageScore and FICO have commissioned research to support their claims of superiority. But the truth probably won’t be known until VantageScore 4.0 and FICO 10T compete head-to-head.
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?