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Rocket Leads Home Equity Lenders in 1Q, a First for a Nonbank
June 26, 2026
Rocket and a number of other nonbanks have added home equity loans to their product offerings in recent years after refinance activity slowed.
Freddie Mac’s Investment Portfolio Shrinks in May
June 26, 2026
The GSE’s investment portfolio stood at $137.22 billion, down 3.2% from April.
MBS Participants Want Changes to Basel Re-Proposal
June 26, 2026
The Structured Finance Association submitted extensive feedback on the re-proposal. SFA's comments received an endorsement from a coalition of trade groups representing a broad variety of banks.
Acra Offering its First Expanded-Credit MBS since 2024
June 26, 2026
Acra and BlackRock NQM Investments are jointly issuing the new MBS and BlackRock is retaining risk on the issuance.

Issuance
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.)
Servicing
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.)
Funding
Merchants, Northpointe Increase Warehouse Share
Merchants Bank and Northpointe Bank are putting an increased emphasis on warehouse lending. (Includes one data table.)
Ginnie Mae Issuance
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.)
Servicing
Jumbo Servicing Volume Bumps Higher in 1Q
A group of 30 major servicers handled an estimated $1.44 trillion of jumbo mortgages at the end of March, a 1.0% increase on a quarterly basis. (Includes one data table.)
Jumbo
Non-Agency Jumbo Lending Drops in First Quarter
Originations of non-agency jumbo mortgages declined by 18.2% on a quarterly basis in the first quarter of 2026. (Includes one data table.)

Inside Mortgage Finance

Nonbank Tops Home Equity Lenders for First Time
Rocket Mortgage was the largest originator of home equity loans in the first quarter of 2026. The nonbank started originating closed-end second liens in recent years as refi opportunities declined. (Includes three data tables.)
Housing Affordability Bill Hits Another Hurdle
President Trump said he will not sign the 21st Century ROAD to Housing Act until Congress passes the election bill.
- Banks Seek Looser Capital Requirements for MSRs
- FHA Lightens Regulatory Burdens, Eyes New Lenders
More Inside Mortgage Finance

Inside MBS & ABS

Securitization Players Seek Changes to Capital Proposal
June 25, 2026
SFA and other trade groups are seeking major changes to the re-proposed bank capital requirements. MBA raised concerns that non-agency MBS would receive more favorable capital treatment than GSE MBS.
Fitch Retains Lead in ABS Ratings, Moves Up in MBS
June 25, 2026
Fitch surged past Kroll to start 2026 as the top rating service in the non-agency MBS market. The company also extended its lead as the top ABS rating service. (Includes two data tables.)
Fed Unlikely to Cut Rates in Near-Term Under Warsh
June 25, 2026
Most analysts say that higher inflation means rate cuts are off the table for Fed Chair Kevin Warsh, even though President Trump still says he still wants lower rates.
Non-QM MBS Seen as Alternative to More Volatile Securities
June 25, 2026
Investors see expanded-credit MBS as a safer bet than consumer ABS and CLO deals.

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 two data tables.)
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

Originations Decline Across All Channels in 1Q
June 26, 2026
Mortgage originations declined across the three major production channels in the first quarter of 2026. Pennymac reported a 32.8% drop in conventional-conforming volume through correspondents. (Includes two data tables.)
AI Starting to Find Footing in Non-QM Originations
June 26, 2026
Non-QM underwriting was once a hands-on process, but lenders are increasingly testing the use of AI.
Bank Mortgage Originations, Loan Sales Decline
June 26, 2026
JPMorgan Chase remained by far the most prominent seller, with $23.05 billion in volume during the first quarter. (Includes two data tables.)
Affordability Obstacles Increasing for FTHBs
June 26, 2026
Housing costs are now routinely eating up 40% of household budgets, making the path to homeownership more difficult for individuals under 35 years old.

More Inside Mortgage Trends

Inside FHA/VA Lending

Guild, Movement Gain HECM Market Share
Guild Mortgage Company and Movement Mortgage both saw successful first quarters in home equity conversion mortgage lending that led them to gain market share from other top HECM lenders. (Includes three data tables.)
USDA Initiates Loan Platform Update
The U.S. Department of Agriculture announced plans to modernize the systems that support its many lending programs, combining them into one platform.
No Clear Successor for Commissioner at FHA
The upper ranks of FHA management have been thinned out by resignations over the last year, and the Senate’s on crunch time until midterms, meaning there’s a chance Ginnie Mae president Joe Gormley could be helming both agencies for a while.
VA Disclosure Survives Congressional Negotiations
Provisions designed to increase borrower awareness of the availability of home loans backed by the Department of Veterans Affairs remain in an expansive housing bill that Congress could pass as soon as next week. The MBA has expressed operational concerns.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Originations Decline Across All Channels in 1Q
Mortgage originations declined across the three major production channels in the first quarter of 2026. Pennymac reported a 32.8% drop in conventional-conforming volume through correspondents. (Includes two data tables.)
Inside Mortgage Finance
Nonbank Tops Home Equity Lenders for First Time
Rocket Mortgage was the largest originator of home equity loans in the first quarter of 2026. The nonbank started originating closed-end second liens in recent years as refi opportunities declined. (Includes three 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 two data tables.)
Inside MBS & ABS
Securitization Players Seek Changes to Capital Proposal
SFA and other trade groups are seeking major changes to the re-proposed bank capital requirements. MBA raised concerns that non-agency MBS would receive more favorable capital treatment than GSE MBS.
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 Buybacks Slow in 1Q, Freddie’s Pipeline Up
Seller repurchases from Fannie and Freddie declined 21% in the first quarter of 2026 to the lowest level since 2020. But the pipeline of unresolved claims rose significantly. (Includes three data tables.)
Inside FHA/VA Lending
Guild, Movement Gain HECM Market Share
Guild Mortgage Company and Movement Mortgage both saw successful first quarters in home equity conversion mortgage lending that led them to gain market share from other top HECM lenders. (Includes three data tables.)

Inside The GSEs

GSE Buybacks Slow in 1Q, Freddie’s Pipeline Up
Seller repurchases from Fannie and Freddie declined 21% in the first quarter of 2026 to the lowest level since 2020. But the pipeline of unresolved claims rose significantly. (Includes three data tables.)
FHFA Proposes Broad Revision of Duty-to-Serve Rule
Proposed changes would revamp the treatment of “Indian areas” and rural agricultural workers, along with altering the method of calculating area median income.
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?