Latest News

Ginnie Gains More Servicing Share During First Quarter
June 18, 2026
Ginnie Mae’s share of total residential servicing outstanding increased to 18.5% as of the end of March.
Fed’s Warsh Unlikely to Drive Down Interest Rates on Mortgages
June 18, 2026
“Mortgage lenders benefited from multiple refinance rallies over the last nine months, but we don’t expect another in 2026,” said Eric Orenstein, a senior director at Fitch Ratings.
CFPB Rescinds 2020 Opinion on Special Purpose Credit Programs
June 18, 2026
The bureau said it rescinded the 2020 advisory opinion because it conflicts with its recently issued ECOA final rule.
New Investors Entering Market for Non-Agency MBS
June 18, 2026
New investors include firms in Asia and Europe.

Investors
REITs Boost MBS Holdings, AGNC Rises to Top Investor
Annaly Capital Management slipped to second in REIT agency MBS investors as it diversifies into MSR and non-agency. AGNC Investment rose to the top, focused almost exclusively on agency MBS. (Includes two data tables.)
CLO/CDO
Bank CLO Holdings Drop Slightly in Early 2026
Analysts at Bank of America Global Research suggest that proposed changes to regulatory capital requirements could spur more bank CLO investment. (Includes one data table.)
Nonconforming
Jumbo Production, Market Share on the Rise
Originations of jumbo mortgages increased by 50% on an annual basis in the first quarter of 2026. The bulk of the volume is in non-agency jumbos, with the conforming jumbo sector also holding up. (Includes three data tables.)
Servicing
LoanCare, ServiceMac Gain Subservicing Share in 1Q
Rocket Mortgage and Cenlar remained the largest subservicers as of the end of March, though LoanCare and ServiceMac gained some ground. (Includes one data table.)
Issuance
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.)
Originations
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 Mortgage Finance

GSE Servicing Share Falling to Pre-Pandemic Levels
Ginnie Mae and whole loans have gained servicing share in recent years to the detriment of Fannie Mae and Freddie Mac. (Includes two data tables.)
Congress Set to Pass Wide-Ranging Housing Bill
Leaders in the Senate and House reached an agreement this week on the 21st Century ROAD to Housing Act.
- Despite DNI Gig, Pulte Still Making Plans for FHFA
- Lenders Comfortable With Non-QM Performance
More Inside Mortgage Finance

Inside MBS & ABS

Non-Agency MBS and GSEs Gain in First Quarter
June 18, 2026
Relatively strong refinance activity helped dampen growth in outstanding agency single-family MBS during the first quarter, but non-agency MBS posted its biggest increase in years. (Includes two data tables.)
New Investors Flock to Non-Agency MBS
June 18, 2026
International players and smaller insurance companies are expected to increase their investments in expanded-credit MBS.
Banks Likely to Reduce Loan Sales With Capital Change
June 18, 2026
Urban Institute researchers say the mortgage industry will experience slightly better capital treatment as a result of the changes to the Basel III Endgame, but they recommend some improvements.
ABS Players Seek to Exclude ABS From SEC Rule
June 18, 2026
Trade groups expressed concern that proposed changes to Rule 15c2-11 of the Securities Exchange Act could accidentally ensnare ABS.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Correspondents Up Share of Nonconforming Production
June 18, 2026
The correspondent channel accounted for 19.3% of nonconforming originations in the first quarter of 2026, up from 16.7% in the previous three-month period. (Includes one data table.)
Figure, Sixth Street Acquire RTL, DSCR Lender Kiavi
June 18, 2026
Figure expects to benefit from acquiring technology as well as business-purpose loan production.
Short-Term Loan Production Continues to Grow in 2025
June 18, 2026
Although the growth curve flattened a bit in 2025, production of loans with terms of two years or less increased by 15% last year. (Includes one data table.)
Loan Investors Scrutinizing Non-QM Appraisal Values
June 18, 2026
Poor quality appraisals and weak due diligence controls are leading to growing concern about appraisal values for non-QMs.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Mortgage Banking Profits Up on Both Sides of the Business
June 12, 2026
Production-related income rose in the first quarter despite slowing origination volume, while MSR hedges performed better. (Includes one data table.)
MISMO Tool Helps Lenders Guard Against AI Risk
June 12, 2026
Unlike other AI guidance tools, the new mortgage-specific framework launched by MISMO is designed for organizations without big risk-focused teams.
Industry Opposes Foreign Call Center Restrictions
June 12, 2026
In a joint comment letter, a dozen trade groups said the FCC’s proposed restrictions on foreign call centers are unnecessary because existing federal laws already impose “extensive” consumer protection, privacy and data security obligations on financial services providers.
Banks’ Mortgage Earnings Decline in First Quarter
June 12, 2026
Earnings were down compared with both the fourth quarter of 2025 and the first quarter of 2025. Some of the biggest banks don’t have particularly high hopes for their mortgage businesses this year. (Includes one data table.)

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Issuance Down in May as Refis Slump
After a boomlet in April, Ginnie issuance declined a bit in May. Refi volume declined, while issuance involving purchase mortgages ticked up thanks to spring homebuying. (Includes two data tables.)
Cassidy Exits FHA Commissioner Role
Frank Cassidy, who stepped away from his position as FHA commissioner in April on what was originally a temporary leave of absence, announced this week that he’s returning to the private sector.
VA Updates Loss-Mitigation Policies to Add Partial Claim
The Department of Veterans Affairs updated its loss mitigation waterfall to incorporate the partial claim option that’s received much fanfare since its political inception.
FHA Invites Critique of Property Requirements
FHA is seeking comments on its minimum property requirements, signaling the possibility of future alignment with the government-sponsored enterprises.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Mortgage Banking Profits Up on Both Sides of the Business
Production-related income rose in the first quarter despite slowing origination volume, while MSR hedges performed better. (Includes one data table.)
Inside Mortgage Finance
GSE Servicing Share Falling to Pre-Pandemic Levels
Ginnie Mae and whole loans have gained servicing share in recent years to the detriment of Fannie Mae and Freddie Mac. (Includes two data tables.)
Inside Nonconforming Markets
Correspondents Up Share of Nonconforming Production
The correspondent channel accounted for 19.3% of nonconforming originations in the first quarter of 2026, up from 16.7% in the previous three-month period. (Includes one data table.)
Inside MBS & ABS
Non-Agency MBS and GSEs Gain in First Quarter
Relatively strong refinance activity helped dampen growth in outstanding agency single-family MBS during the first quarter, but non-agency MBS posted its biggest increase in years. (Includes two data tables.)
Inside the CFPB
Trump Nominates Brian Johnson for CFPB Director
The nomination comes seven weeks before the anticipated expiration of Acting Director Russell Vought’s time at the bureau.
Inside The GSEs
GSE Deliveries Wane in May, More So at Fannie
More than two-thirds of the largest GSE sellers saw a sequential decline in deliveries in May, with refi business slowing. But overall volume for the first five months of the year was up 35.7%. (Includes two data tables.)
Inside FHA/VA Lending
Ginnie Issuance Down in May as Refis Slump
After a boomlet in April, Ginnie issuance declined a bit in May. Refi volume declined, while issuance involving purchase mortgages ticked up thanks to spring homebuying. (Includes two data tables.)

Inside The GSEs

GSE Deliveries Wane in May, More So at Fannie
More than two-thirds of the largest GSE sellers saw a sequential decline in deliveries in May, with refi business slowing. But overall volume for the first five months of the year was up 35.7%. (Includes two data tables.)
Fannie’s DU More Restrictive Than Freddie
A 50% cap on debt-to-income ratio within Fannie Mae’s Desktop Underwriter acts as an extra-regulatory limit on credit availability, according to researchers at the Federal Reserve Bank of St. Louis.
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?