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Correspondent Channel Loses More Share in First Quarter
June 5, 2026
Cash window acquisitions by the GSEs look to be cutting into the volume of production flowing to correspondent aggregators.
GSEs’ Treatment of VantageScore a Black Box
June 5, 2026
It's not clear how the GSEs are applying loan level price adjustments to mortgages underwritten with VantageScore.
GSE MBS Investors Frustrated by Trump Administration
June 5, 2026
“There needs to be more clarity on how the GSEs participate in this space,” said Barath Sankaran, a portfolio manager of mortgages at Loomis Sayles.
Netcapital to Acquire Resmac in $5 Million Deal
June 5, 2026
The acquisition is set to add a new revenue stream to Netcapital that is focused on residential mortgage originations and servicing.

Investors
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.)
Originations
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.)
Earnings
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.)
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.)
Sales
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 Mortgage Finance

Correspondent Share Slips in First Quarter of 2026
Officials at Pennymac note that the correspondent channel has been losing some share to the GSEs. (Includes six data tables.)
Next Up for VantageScore 4.0: Smaller Lenders
Following adoption by the 30-largest lenders, VantageScore will focus on making sure technology providers and smaller lenders are prepared to implement its new credit score model.
- Two Harbors Saga Brings Uncertainty to M&A Market
- Two Harbors Acquisition in Jeopardy After Vote Delay
More Inside Mortgage Finance

Inside MBS & ABS

Agency MBS Issuance Down in May as Refinance Falters
June 4, 2026
Agency purchase-mortgage volume was up modestly in May, while refinance activity, especially rate-term transactions, slowed dramatically. Total agency business may see another decline in June. (Includes two data tables.)
GSE MBS Investors Looking for Guidance From Trump
June 4, 2026
GSE MBS investors were frustrated with limited communication from the Trump administration even before FHFA Director Bill Pulte was named acting director of national intelligence this week. The appointment prompted more speculation about the future of the GSEs.
GSE MBS Acquisitions Slower Than Expected
June 4, 2026
Although President Trump directed the GSEs to purchase an additional $200 billion in agency MBS, they do not appear to be on track to accomplish that by year end.
Bank Holding Companies Add to MBS/ABS Portfolios
June 4, 2026
JPMorgan Chase held the largest trading-account portfolio of residential MBS, CMBS and ABS at the end of the first quarter. (Includes two data tables.)

More Inside MBS & ABS

Poll

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

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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

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Inside Mortgage Trends
Primary MI Volume Falls in 1Q; FHA Boosts Refi Share
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.)
Inside Mortgage Finance
Correspondent Share Slips in First Quarter of 2026
Officials at Pennymac note that the correspondent channel has been losing some share to the GSEs. (Includes six 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
Agency MBS Issuance Down in May as Refinance Falters
Agency purchase-mortgage volume was up modestly in May, while refinance activity, especially rate-term transactions, slowed dramatically. Total agency business may see another decline in June. (Includes two data tables.)
Inside the CFPB
CFPB Facing Lawsuit Over Changes to ECOA Standards
The lawsuit filed by consumer advocacy groups contended that the new ECOA rule is a drastic turn from decades of interpretation and enforcement of the statute.
Inside The GSEs
Margins Dip at FHLBanks in First Quarter
Four of the 11 regional Federal Home Loan Banks saw double-digit declines in net income in the first quarter, even though total assets grew for the period. (Includes three 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

Margins Dip at FHLBanks in First Quarter
Four of the 11 regional Federal Home Loan Banks saw double-digit declines in net income in the first quarter, even though total assets grew for the period. (Includes three data tables.)
FICO, VantageScore Continue Battle
A new Milliman study finds that FICO 10T is more predictive of default risk across the full range of credit scores. VantageScore said the study is full of “statistical swindles.”
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?