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GSEs Set LLPAs for VantageScore
September 10, 2026
Fannie Mae and Freddie Mac are essentially subtracting 20 points from a VS4 score, then applying the Classic FICO LLPAs to the loan.
Mortgage Repurchases by Banks Increase in 2Q
September 10, 2026
Repurchases increased by 16.5% from the first quarter.
Chase Marketing Large Jumbo MBS
September 10, 2026
It’s the first jumbo MBS to top $1.0 billion since 2022.
Opendoor Moves Back Break-Even Date Amid Tough Market
September 10, 2026
"The last two weeks of August were among the worst we have seen for housing in years," said Kaz Nejatian, CEO of Opendoor.

Investors
Banks See Modest Increase in MBS Holdings, Ginnie Gains
Most of the increase in banks’ MBS investment was in Ginnie Mae pass-throughs, which grew a modest 1.5% from the first quarter. Holdings of non-agency securities declined. (Includes two data tables.)
Originations
All Products Gained in 2Q But Agency Market Lagged
The conventional-conforming sector lagged in an otherwise upbeat mortgage market. (Includes two data files.)
Inside FHA/VA Lending
Slowing Refis Drag on Ginnie Issuance in July
Issuance of Ginnie Mae mortgage-backed securities eased in July as securitizations of refinances dropped. (Includes two data tables.)
Servicing
Chase Non-Agency RMBS Servicing Rebounds in 2Q
JPMorgan Chase was the only servicer among the top five that handled new servicing on non-agency mortgage-backed securities to post a quarterly increase during the second quarter. (Includes data table.)
Ratings
Fitch Retains Top Ranking in MBS & ABS Ratings in 2Q
Morningstar DBRS and Moody’s gained share in non-agency MBS ratings in the second quarter, while S&P made up ground in the ABS market. Fitch, however, remained the top rating service in both sectors. (Includes two data charts.)
Originations
Refis Trail Off in 2Q, Purchase Lending Slightly Ahead of 2025
Refi volume declined by 32.7% from the first quarter to the second but nearly doubled year to date. Meanwhile, purchase-mortgage originations increased by just 4.7% year to date. (Includes five data tables.)

Inside Mortgage Finance

Retail Lending Takes Some Share From Brokers in 2Q
Retail originations increased by 10.5% on a quarterly basis in the second quarter of 2026. That pushed the channel’s share of total first-lien originations to 53.7%. (Includes six data tables.)
FICO Monopoly at GSEs Comes to an End
VantageScore 4.0 is now available to all Fannie Mae and Freddie Mac sellers. And FHFA Director Bill Pulte is pondering ending the tri-merge standard.
- Rocket Intensifies Broker Competition With UWM
- MBA Sues New Jersey Over Disparate-Impact Rule
More Inside Mortgage Finance

Inside MBS & ABS

Homebuying Boosts Agency MBS Issuance in August
September 10, 2026
United Wholesale Mortgage was the top seller of agency purchase loans last month, while Rocket Mortgage topped in agency refinances. (Includes two data tables.)
HUD Pulls Ginnie Reorganization Plan Without Explanation
September 10, 2026
The document briefly available on the Federal Register late last week described the creation of a new division at Ginnie Mae to address the need for greater data and market analysis.
HPC Proposes Creation of Mortgage Data Repository
September 10, 2026
The trade group envisions a modern records retrieval system that eliminates the need to move the loan documents associated with mortgages that collateralize both agency MBS and non-agency MBS.
Rating Services Preparing for New Credit Score Models
September 10, 2026
Rating services are preparing rating criteria that will consider the impact of loans underwritten using VantageScore 4.0 and FICO 10T.

More Inside MBS & ABS

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Inside Nonconforming Markets

Non-Agency Jumbo Lending Increases in Second Quarter
August 28, 2026
Non-agency jumbo mortgage production increased by 25.0% on a quarterly basis in the second quarter to an estimated $90.00 billion. (Includes data table.)
Changes to GSE Condo Rules Could Boost Non-QM Market
August 28, 2026
With stricter condo lending requirements at the government-sponsored enterprises, more projects may be considered non-warrantable, pushing more business to the non-agency side of the market.
Velocity to Acquire Toorak’s Operating Platform
August 28, 2026
The $3.2 billion all-cash transaction is expected to close in the fourth quarter.
Jumbo Servicing Volume Increases in Second Quarter
August 28, 2026
The volume of jumbo mortgages handled by 30 major servicers increased by 1.1% from the end of March to the end of June. (Includes data table.)

More Inside Nonconforming Markets

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Inside Mortgage Trends

Banks’ Mortgage Income Down in First Half
September 4, 2026
Mortgage-banking income declined by 6.1% on an annual basis in the first half of the year. At Chase, the largest bank in the mortgage market, a drop in servicing revenue more than offset an increase in production revenue. (Includes one data table.)
Mortgage Companies Grappling With AI Governance
September 4, 2026
GSE officials suggested that a robust governance framework can help firms responsibly scale use of AI. Industry participants are also facing increasing risks from the technology.
Mortgage Repurchases by Banks Increase in 2Q
September 4, 2026
Repurchases and indemnifications by banks and thrifts increased by 16.5% from the first quarter to the second. Repurchase reserves declined by 3.9% during that time. (Includes one data table.)
Lenders Using AI to Help Buyers 24/7
September 4, 2026
Lenders are turning to artificial intelligence to reach borrowers even when loan officers are off the clock.

More Inside Mortgage Trends

Inside FHA/VA Lending

FHA, VA Production Strong Even as Refis Decline in 2Q
Refinances of loans insured by the Department of Veterans Affairs declined in the second quarter, according to an Inside FHA/VA Lending analysis and ranking of endorsement data. (Includes three data tables.)
FHA Mortgage Insurance Premium Cut Chatter Perks Up
Sources say chatter of a potential reduction to FHA’s mortgage insurance premium has been circulating around Washington, DC.
Ginnie Cautiously Exploring AI Use Cases
Ginnie Mae is using its internal framework to evaluate potential use cases for AI, to avoid feeding data into a public model, according to its president, Joe Gormley.
MBA Defends FHA Program, Nonbanks
The Mortgage Bankers Association fired back in defense of the FHA program and nonbank participants after an opinion piece in the Wall Street Journal suggested nonbanks engaged in risky underwriting under the government guarantee.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Banks’ Mortgage Income Down in First Half
Mortgage-banking income declined by 6.1% on an annual basis in the first half of the year. At Chase, the largest bank in the mortgage market, a drop in servicing revenue more than offset an increase in production revenue. (Includes one data table.)
Inside Mortgage Finance
Retail Lending Takes Some Share From Brokers in 2Q
Retail originations increased by 10.5% on a quarterly basis in the second quarter of 2026. That pushed the channel’s share of total first-lien originations to 53.7%. (Includes six data tables.)
Inside Nonconforming Markets
Non-Agency Jumbo Lending Increases in Second Quarter
Non-agency jumbo mortgage production increased by 25.0% on a quarterly basis in the second quarter to an estimated $90.00 billion. (Includes data table.)
Inside MBS & ABS
Homebuying Boosts Agency MBS Issuance in August
United Wholesale Mortgage was the top seller of agency purchase loans last month, while Rocket Mortgage topped in agency refinances. (Includes two data tables.)
Inside the CFPB
House Republicans Formally Introduce CFPB Reform Bill
The bill would place the CFPB under the regular appropriations process, limit its authority to define financial practices as abusive and take away its ability to seek monetary relief in certain circumstances.
Inside The GSEs
Big Bank Borrowing Boosts FHLBank Profits in 2Q
An increase in outstanding advances in the second quarter helped offset lower margins at the FHLBanks. (Includes three data tables.)
Inside FHA/VA Lending
FHA, VA Production Strong Even as Refis Decline in 2Q
Refinances of loans insured by the Department of Veterans Affairs declined in the second quarter, according to an Inside FHA/VA Lending analysis and ranking of endorsement data. (Includes three data tables.)

Inside The GSEs

Big Bank Borrowing Boosts FHLBank Profits in 2Q
An increase in outstanding advances in the second quarter helped offset lower margins at the FHLBanks. (Includes three data tables.)
Pulte Opens VantageScore to All Lenders
Frustrated with FICO and the big three credit reporting bureaus, the FHFA director abruptly ushered in the era of two competing credit scores.
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?