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Pulte Tells MBA Meeting: FHFA Working to Reduce Costs at the GSEs
May 20, 2025
FHFA Director Pulte said he found $100 million in cost savings at Fannie Mae alone.
Non-Agency CMBS Issuance Rebounds in 1Q. However...
May 20, 2025
Some $11.98 billion of office-property financing was securitized in the first quarter, more than six times the volume in 4Q24.
VA Partial Claims Servicing Legislation Flies Through House
May 20, 2025
The bill would cost $10 million in FY 2025 and would save $147 million over the next decade, CBO estimates.
Builder Buydowns (Including the Rate Variety) Distorting Home Values?
May 20, 2025
As one builder noted, “The great thing that the mortgage rate buydowns do is they protect the integrity of your sales backlog."

Securitization
Refis Boost Prime Non-Agency MBS in First Quarter
The volume of rate/term refis in prime non-agency MBS more than doubled compared with the fourth quarter of 2024. Still, purchase mortgages dominate issuance.
Servicing
SPS Retakes Lead Among Non-Agency MBS Servicers
Shellpoint Mortgage Servicing passed Newrez/Shellpoint with servicing tied to non-agency MBS issued in the first quarter. The bulk of SPS’ servicing is focused on expanded-credit mortgages.
Agency MBS
Hello Refi! Agency Market Springs to Life in April
A surge in refinance activity — especially rate-term transactions — provided much of the fuel for April’s 16% increase in agency single-family MBS. So far, 2025 is running 14% ahead of last year’s pace. (Includes two data tables.)
Servicing
Servicing Growth Slows at Some Large Firms in 1Q
Mr. Cooper Group’s owned servicing volume took a downturn in the first quarter. Some large banks also continued to reduce their owned servicing.
CLO/CDO
Despite Huge Reset Volume, CLO Issuance Down in 1Q25
While new production of CLOs backed by broadly-syndicated loans and middle-market loans fell sharply in the first quarter, issuance of CRE deals increased significantly. Nearly two-thirds of CLO activity were reset transactions. (Includes two data tables.)
Mortgage Insurance
Mixed Trends in Primary MI Volume in First Quarter
In the purchase-mortgage market, private MIs lost some share compared with the fourth quarter of 2024. Though the private MI share was up compared with the first quarter of 2024. (Includes two data tables.)

Inside Mortgage Finance

FHA/VA Gain Ground in 1Q25 Primary MI Market
Originations of home loans with some form of primary mortgage insurance fell across the board in the first quarter, but the FHA and VA gained share as the private MIs saw the biggest declines. (Includes four data tables.)
Fears Homebuilder Buydowns Are Distorting Home Prices
In the current interest rate environment, homebuilders seem to favor offering mortgage buydowns rather than reducing prices. Officials at mortgage companies fear the buydown activity is inflating home prices.
- CFPB Director Nomination Is Back at Square One
- VA Partial Claims Bill Bound for House Floor
More Inside Mortgage Finance

Inside MBS & ABS

Non-Agency CMBS Issuance Rises in 1Q25, Agency Fades
May 15, 2025
A heavy load of maturing commercial real estate loans is expected to boost non-agency CMBS production in 2025, and first-quarter issuance suggests the market is up to the challenge. Agency multifamily MBS got off to a slow start, as usual. (Includes two data tables.)
ABS Issuers Seeing Strong Demand Despite Volatility
May 15, 2025
Investors are showing a greater interest in ABS this month, following a rocky April. The recent softer tone taken by President Trump on tariffs seems like the reason.
GSE Portfolios Slump in 1Q25, Up From Year Ago
May 15, 2025
Portfolio holdings at the government-sponsored enterprises declined across the board during the first quarter of 2025. On an annual basis, Fannie Mae increased its holdings of MBS while Freddie Mac’s mortgage holdings increased. (Includes data table.)
Green and Social Bonds in the Trump Era
May 15, 2025
It’s not clear how the Federal Housing Finance Agency’s decision to cut the DEI and ESG programs at the GSEs will impact MBS issuance.

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Inside Nonconforming Markets

Jumbo Servicing Growth Slows in First Quarter
May 16, 2025
While jumbo servicing among a group of 30 large servicers was up 10.0% on an annual basis as of the end of March, growth in the first quarter of 2025 was well below that pace. (Includes data table.)
Angel Oak REIT Touts Liquidity in Non-QM Market
May 16, 2025
Angel Oak Mortgage REIT securitized $284.3 million after the first quarter of the year ended.
Correspondent Sales of Jumbo Mortgages Spike in 2024
May 16, 2025
Correspondent sales of jumbo mortgages originated in 2024 increased by more than 60% on an annual basis. The largest sellers were almost all nonbanks, though Chase cracked the top 5 with its deliveries into non-agency MBS. (Includes data table.)
Bank Launches Wholesale Unit With Non-QM Focus
May 16, 2025
American Pride Bank in Georgia launched a new mortgage division last week focused on non-QM products.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Banks Tread Water in 1Q25 Mortgage-Banking Income
May 9, 2025
Many banks reported sharp declines in mortgage originations — and income derived from it — in the first quarter of 2025. But gains from MSR hedging activity made up for the decline in production. (Includes data table.)
Sharp Differences in Outlook for Interest Rates
May 9, 2025
Economists at the MBA don’t think interest rates on mortgages will decline much this year. Economists at Fannie Mae project a sizeable drop.
Correspondent Footprint Grows in Agency Market
May 9, 2025
Correspondent aggregators increased their agency origination footprint in the first quarter of 2025, even as securitization volume fell by 22.6%. Purchase mortgages still dominated the market while credit quality remained stable. (Includes two data tables.)
AI Implementation Brings Complexities
May 9, 2025
New artificial intelligence technology provides both promise and complications for the mortgage industry.

More Inside Mortgage Trends

Inside FHA/VA Lending

Refi Momentum Drives Up April Ginnie MBS Issuance
Ginnie Mae MBS issuance increased 29.7% from March to April, driven by strong refinance activity. Monthly volume was up in all four government-backed mortgage programs. (Includes two data tables.)
Bill to Establish VA Partial Claims Moves Forward
The House Veterans’ Affairs Committee forwarded a partial claims bill to Congress, but committee members warned that tens of thousands of veteran borrowers are facing foreclosure in the meantime.
MBA Pushes Regulatory Changes at FHA, VA
The Mortgage Bankers Association is seeking rollbacks and revisions of FHA and VA regulations that the trade group sees as burdensome.
Veterans United Correspondent Sales Weakened in 2024
Veterans United Home Loans saw a sharp decline in correspondent sales of government-backed loans in 2024, while volume at Guild Mortgage and Rate surged. (Includes data table.)

More Inside FHA/VA Lending

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Inside Mortgage Trends
Banks Tread Water in 1Q25 Mortgage-Banking Income
Many banks reported sharp declines in mortgage originations — and income derived from it — in the first quarter of 2025. But gains from MSR hedging activity made up for the decline in production. (Includes data table.)
Inside Mortgage Finance
FHA/VA Gain Ground in 1Q25 Primary MI Market
Originations of home loans with some form of primary mortgage insurance fell across the board in the first quarter, but the FHA and VA gained share as the private MIs saw the biggest declines. (Includes four data tables.)
Inside Nonconforming Markets
Jumbo Servicing Growth Slows in First Quarter
While jumbo servicing among a group of 30 large servicers was up 10.0% on an annual basis as of the end of March, growth in the first quarter of 2025 was well below that pace. (Includes data table.)
Inside MBS & ABS
Non-Agency CMBS Issuance Rises in 1Q25, Agency Fades
A heavy load of maturing commercial real estate loans is expected to boost non-agency CMBS production in 2025, and first-quarter issuance suggests the market is up to the challenge. Agency multifamily MBS got off to a slow start, as usual. (Includes two data tables.)
Inside the CFPB
CFPB Nominee McKernan Picked for Treasury Role
President Trump plans to nominate Jonathan McKernan as undersecretary of domestic finance at the Department of the Treasury. The news comes as a surprise as McKernan was slated to be the next director of the CFPB.
Inside The GSEs
GSE Sales Show Signs of Spring in April
Mortgage loan acquisitions by Fannie Mae and Freddie Mac accelerated in April, driven in part by a jump in refinance lending. (Includes two data tables.)
Inside FHA/VA Lending
Refi Momentum Drives Up April Ginnie MBS Issuance
Ginnie Mae MBS issuance increased 29.7% from March to April, driven by strong refinance activity. Monthly volume was up in all four government-backed mortgage programs. (Includes two data tables.)

Inside The GSEs

GSE Sales Show Signs of Spring in April
Mortgage loan acquisitions by Fannie Mae and Freddie Mac accelerated in April, driven in part by a jump in refinance lending. (Includes two data tables.)
GSE Profits Begin to Ebb in First Quarter
Freddie’s guarantee book of business rose from $3.104 trillion at the end of 2024 to $3.115 trillion as of the end of March. Fannie’s fell from $3.622 trillion to $3.610 trillion. (Includes 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?