Latest News

Rocket, Mr. Cooper Team-Up Becomes Top GSE Seller
January 12, 2026
The combined entity of Rocket and Mr. Cooper overtook UWM for GSE loan sales in 2025.
DOJ Opens Investigation Into Fed Chair Powell
January 12, 2026
Fed Chairman Powell said the investigation is a pretext and the real crux is the Fed's refusal to comply with President Trump's calls to lower interest rates.
AI Adoption for Customer-Facing Tasks Expected to Grow in 2026
January 12, 2026
AI is expected to be used more frequently to bring down origination costs and help lenders avoid hiring-and-firing cycles.
Majority of Millennials Holding Out for Rates Below 6%
January 12, 2026
Millennials are increasingly becoming more pessimistic about their chances of owning a home, according to a recent survey by Clever Real Estate.

Agency MBS
Largest Sellers See GSE Deliveries Wane in November
UWM, Rocket and Pennymac all sold fewer mortgages to the GSEs in November than in October. That contributed to a 1.3% monthly decline in GSE MBS issuance. (Includes two data tables.)
Channels
Third-Party Lenders Boost Market Share in Third Quarter
Wholesale-brokers and correspondent aggregators increased their market share in all three major product categories. Retail continued to lead conventional-conforming lending. (Includes two data tables.)
Repurchases
Bank Mortgage Repurchases Decline in Third Quarter
The dollar volume of mortgage repurchases by banks declined by 5.4% on a sequential basis during the third quarter. Western Alliance Bank led in loan removals for the second straight quarter. (Includes data table.)
Investors
Mortgage REITs Up Agency MBS, Shed Non-Agency
Annaly Capital Management remained the top REIT in MBS holdings, though several other shops expanded their portfolios at higher rates during the third quarter. The REIT industry added roughly $40 billion to its combined portfolio over the past year. (Includes two data tables.)
Nonconforming
Agency Jumbo Business Level During Third Quarter
Some $13.26 billion of high-balance mortgages were included in agency MBS issued during the third quarter of 2025. Nine months into the year, agency high-balance sales were down somewhat on an annual basis, with the decline concentrated in sales to the GSEs. (Includes three data tables.)
Jumbo
Non-Agency Jumbo Originations Slow in Third Quarter
Originations of non-agency jumbo mortgages declined by 6.4% during the third quarter of 2025. (Includes data table.)

Inside Mortgage Finance

Agency Refi Market Rises to Three-Year High in 2025
UWM finished as the top agency seller in 2025, with annual volume up 22.2% from the previous year. Like many companies, its fourth-quarter sales rose dramatically thanks to heavy refinance volume.
Mixed View on Fed Direction Clouds Mortgage Rate Projections
The Mortgage Bankers Association expects mortgage rates will remain in a narrow band this year while Fannie Mae forecasts declines.
- District Court Says Trump Admin Must Fund CFPB
- OCC Proposes Preempting State Laws on Escrow Interest
More Inside Mortgage Finance

Inside MBS & ABS

Solid 4Q Carries 2025 MBS/ABS to $2 Trillion
January 8, 2026
Residential MBS, commercial MBS and non-mortgage ABS all posted significant gains in annual issuance in 2025. The agency MBS market got a big boost in the fourth quarter from refinance activity.
SFR Securitization at Risk With Trump’s Planned Ban
January 8, 2026
President Trump this week said he plans to ban large institutional investors from acquiring single-family homes. SFR securitization volume hit $8.65 billion last year.
Non-Agency MBS Issuers Off to Fast Start This Year
January 8, 2026
Some 10 non-agency MBS have hit the market thus far in January, with issuance spread across loan types.
UWM Likely to Sell Two Harbors’ MBS Holdings Post Acquisition
January 8, 2026
Goldman Sachs expects UWM to sell Two Harbors’ MBS portfolio once its planned acquisition of the real estate investment trust is complete.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Bank Mortgage Holdings Continue to Expand in Third Quarter
January 2, 2026
Holdings of first-lien residential mortgages at banks and thrifts slightly increased by 0.4% during the third quarter of 2025. But two of the four largest players in the market reduced their holdings.
Non-QM Performance Under Pressure
January 2, 2026
The non-qualified mortgage sector has exhibited significant performance pressure over the past two years. The sector has not yet faced material losses, though.
Brokers Optimistic for 2026, Expect Non-QM Offerings to Expand
January 2, 2026
Brokers are feeling optimistic about 2026, due in part to the expansion of non-qualified mortgage offerings.
ARM Originations Decline in Third Quarter, But Up YTD
January 2, 2026
Production of adjustable-rate mortgages declined slightly during the third quarter of 2025, but were up 40.7% through the first nine months of the year.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Lenders Shift GSE Business to Higher Quality in Fourth Quarter
January 9, 2026
GSE refi business jumped and shifted toward borrowers with higher credit scores during the fourth quarter. With purchase mortgages, lenders also put a greater emphasis on LTV ratios below 81%.
Agency Refi Business With MI Spikes in Fourth Quarter
January 9, 2026
In the agency MBS market, refi volume with primary MI was up sharply at both the government-sponsored enterprises and the Department of Veterans Affairs, while FHA volume lagged to some extent.
AI Use in Mortgage Activity Expected to Grow in 2026
January 9, 2026
AI is expected to be increasingly used by both lenders and borrowers thanks to improvements in the seemingly ubiquitous tech.
M&A May Cost Lenders Refi Opportunities
January 9, 2026
Mergers and acquisitions disrupt relationships between borrowers and lenders and lead to a lower occurrence of refinancing, according to new research.

More Inside Mortgage Trends

Inside FHA/VA Lending

Correspondents Gain Market Share in Government Lending
Lenders grew the share of government-insured loans originated through correspondent channels in the third quarter, according to an Inside FHA/VA Lending analysis of proprietary survey data.
FHA MMIF Sees Continued Strength in FY 2025
The capital ratio of FHA’s Mutual Mortgage Insurance Fund in the 2025 fiscal year was 11.47%, unchanged from 2024.
Impact of FHA Loss-Mitigation Updates Begins to Unfold
Early effects from FHA’s revisions to its loss-mitigation practices have begun to show up in data, although it will still take time for the longer-term impacts to play out.
House Committee Advances Housing for 21st Century Act
The House Financial Services Committee voted 50-1 to report out the Housing for the 21st Century Act with amendments.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Lenders Shift GSE Business to Higher Quality in Fourth Quarter
GSE refi business jumped and shifted toward borrowers with higher credit scores during the fourth quarter. With purchase mortgages, lenders also put a greater emphasis on LTV ratios below 81%.
Inside Mortgage Finance
Agency Refi Market Rises to Three-Year High in 2025
UWM finished as the top agency seller in 2025, with annual volume up 22.2% from the previous year. Like many companies, its fourth-quarter sales rose dramatically thanks to heavy refinance volume.
Inside Nonconforming Markets
Bank Mortgage Holdings Continue to Expand in Third Quarter
Holdings of first-lien residential mortgages at banks and thrifts slightly increased by 0.4% during the third quarter of 2025. But two of the four largest players in the market reduced their holdings.
Inside MBS & ABS
Solid 4Q Carries 2025 MBS/ABS to $2 Trillion
Residential MBS, commercial MBS and non-mortgage ABS all posted significant gains in annual issuance in 2025. The agency MBS market got a big boost in the fourth quarter from refinance activity.
Inside the CFPB
CFPB Requests $145 Million Transfer From Fed
The bureau submitted to Judge Amy Berman Jackson’s decision finding that a lapse in appropriations would violate a preliminary injunction and directing the Trump administration to fund the CFPB.
Inside The GSEs
Rocket/Mr. Cooper Top UWM With GSE Deliveries
As a merged company, Rocket Mortgage and Mr. Cooper delivered more mortgages to Fannie Mae and Freddie Mac than any other company during the fourth quarter of 2025.
Inside FHA/VA Lending
Correspondents Gain Market Share in Government Lending
Lenders grew the share of government-insured loans originated through correspondent channels in the third quarter, according to an Inside FHA/VA Lending analysis of proprietary survey data.

Inside The GSEs

Rocket/Mr. Cooper Top UWM With GSE Deliveries
As a merged company, Rocket Mortgage and Mr. Cooper delivered more mortgages to Fannie Mae and Freddie Mac than any other company during the fourth quarter of 2025.
Trump Orders GSEs to Boost MBS Investments
The president wants Fannie and Freddie to buy $200 billion in agency MBS to lower interest rates and reduce the cost of buying a home. Initial reaction from MBS analysts was mixed.
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?