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Refi Lending Spikes in 4Q, Purchase Mortgages Slow
February 13, 2026
For the full year, refis accounted for 30.1% of total first-lien mortgage originations, up from a 21.5% share in 2024.
Delinquencies Climb During Fourth Quarter, Led by FHA
February 13, 2026
Marina Walsh, a vice president of industry analysis at the MBA, suggested that the rise in FHA delinquency rates could soon slow.
GSEs Getting Aggressive With Cash Window Pricing
February 13, 2026
David Spector, CEO of Pennymac Financial Services, said the firm’s correspondent aggregation platform is facing increasing competition from the GSEs’ cash window.
Onity’s Earnings Helped by Release of Tax Valuation Allowance
February 13, 2026
Onity posted net income of $127.0 million in the fourth quarter, compared with a $21.0 million profit the previous quarter.

Government-Insured Servicing
FHA Delinquencies Rise to Pandemic Levels
The delinquency rate on FHA-insured mortgage loans jumped nearly a percentage point during the fourth quarter of 2025 to surpass the reading at the end of 2020. (Includes four data tables.)
Expanded Credit
Expanded-Credit MBS Issuance Slows in 4Q
Issuance of expanded-credit mortgage-backed securities declined during the fourth quarter of 2025, marking the first quarterly decline in issuance for the sector in two years. (Includes three data tables.)
Servicing
New Nonbank Servicing Giant Emerges in Fourth Quarter
Rocket Mortgage ended the fourth quarter of 2025 with more than $2 trillion in primary servicing, thanks to its acquisition of Mr. Cooper Group. And for the first time a bank isn’t first in owned servicing. (Includes three data tables.)
Agency MBS
January Ushers In New Year With Modest Gain in MBS
Monthly issuance of agency single-family MBS was up just 1.9% from December, boosted by a surge in cash-out refinances. Production in January 2026 rose 21.6% from the same month last year. (Includes two data tables.)
Complaints
Mortgage Complaints to CFPB Tick Up in Fourth Quarter
Consumer grievances filed with the CFPB related to mortgages increased steadily during the final quarter of 2025. (Includes two data tables.)
Servicing
Agency MSR Transfers Pick Up in Fourth Quarter of 2025
Setting aside Rocket Mortgage’s acquisition of Mr. Cooper Group, bulk MSR sales increased during the fourth quarter, including $58.25 billion of acquisitions by CrossCountry Mortgage. (Includes three data tables.)

Inside Mortgage Finance

Refi Lending Nearly Doubles in 4Q, Purchase Share Drops
Refi originations increased by 96.8% on a quarterly basis in the fourth quarter of 2025. For the full year, refi volume was up 61.2% while purchase-mortgage lending increased by 2.4%. (Includes five data tables.)
House Passes Housing Bill; Eyes on Senate, Trump
The House approved legislation this week aimed at increasing housing supply. Before the vote, President Trump called for an additional provision that wasn’t included.
- Lenders Expected to Retain More Servicing After Recent Sell Off
- Servicers Raise Alarms as Delinquencies Rise
More Inside Mortgage Finance

Inside MBS & ABS

Fannie and Freddie MBS Portfolios Balloon in 4Q
February 12, 2026
MBS holdings in the retained mortgage portfolios of the GSEs doubled between June 2025 and the end of the year. And that’s before President Trump directed them to buy $200 billion of MBS. (Includes data table.)
Republicans in House Working on GSE Reform Bill
February 12, 2026
Republicans are poised to introduce a bill that would codify reforms of the GSEs that have been completed administratively. The bill would also establish a utility model framework for Fannie Mae and Freddie Mac and alter how calculations are made to annual changes in loan limits.
GSEs Shifting Practices With Cash Window
February 12, 2026
Fannie Mae and Freddie Mac appear to be using aggressive pricing at the cash window to boost whole loan purchases, then retaining the most attractive coupons.
CRE Securitization Rises in 2025 With Agency MF Boost
February 12, 2026
Securitization of industrial properties, including data centers, was the hottest sector in non-agency commercial MBS last year. Meanwhile, all three agencies saw hefty increases in multifamily MBS issuance. (Includes two data tables.)

More Inside MBS & ABS

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Inside Nonconforming Markets

Prime Non-Agency MBS Issuance Up Nearly 40% in 2025
February 13, 2026
Rate-term refinances and loans eligible for sale to the GSEs helped to increase issuance of prime non-agency MBS in 2025. (Includes three data tables.)
Redwood Profitable in 4Q; Preps New MBS Shelf
February 13, 2026
Redwood Trust generated $20.0 million of net income in the fourth quarter of 2025, recovering from a $7.7 million loss in the third quarter. The REIT is also planning to launch a new shelf for expanded-credit MBS.
Brokers First Funding Plots Non-QM Growth in 2026
February 13, 2026
The wholesale lender’s goals include increasing brand awareness, geographic expansion and improving service levels.
Newrez Increases Production of Non-QMs in 4Q
February 13, 2026
Originations of non-qualified mortgages by Newrez increased by 50% on a quarterly basis in the fourth quarter of 2025.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Bank MB Earnings Slump in 4Q25 Despite Higher Volume
February 6, 2026
Nearly all publicly traded banks reported declining income from mortgage banking in the fourth quarter of 2025. But most of them saw an increase in earnings for the full year. (Includes data table.)
Correspondents Lose Share in Agency Securitizations
February 6, 2026
Correspondent lenders lost market share to wholesale-brokers in agency securitizations as refinances made a strong comeback in the fourth quarter of 2025. Credit quality improved across the board. (Includes two data tables.)
Lenders Increasingly Leveraging Data Intelligence for Retention
February 6, 2026
Michael Patterson, chief operating officer at Freedom Mortgage, said intelligently using data collected from borrowers is key to improving customer experience and boosting retention.
Tech to Help Small Lenders Compete With Big Players
February 6, 2026
Experts believe lenders will leverage new technologies to improve the customer experience.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Mae Issuance Rebounds in January; USDA Loans Spike
Issuance of Ginnie Mae mortgage-backed securities increased modestly during January. Issuance backed by USDA recovered to recent highs after a partial shutdown halted endorsements late last year. (Includes two data tables.)
Late FHA Loans Linger in New Loss-Mit Waterfall
Delinquent FHA loans stay that way for longer under the loss-mitigation updates FHA rolled out at the start of the fourth quarter.
House Bill Would Raise Fees on VA IRRRLs
The House Committee on Veterans’ Affairs advanced a bill that would raise fees on the Department of Veterans Affairs’ streamlined interest rate reduction refinance loans.
HUD Funded Through FY2026, Bump for FHA
The Department of Housing and Urban Development has been funded through the 2026 fiscal year by the consolidated appropriations package signed into law last week.

More Inside FHA/VA Lending

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Inside Mortgage Trends
Bank MB Earnings Slump in 4Q25 Despite Higher Volume
Nearly all publicly traded banks reported declining income from mortgage banking in the fourth quarter of 2025. But most of them saw an increase in earnings for the full year. (Includes data table.)
Inside Mortgage Finance
Refi Lending Nearly Doubles in 4Q, Purchase Share Drops
Refi originations increased by 96.8% on a quarterly basis in the fourth quarter of 2025. For the full year, refi volume was up 61.2% while purchase-mortgage lending increased by 2.4%. (Includes five data tables.)
Inside Nonconforming Markets
Prime Non-Agency MBS Issuance Up Nearly 40% in 2025
Rate-term refinances and loans eligible for sale to the GSEs helped to increase issuance of prime non-agency MBS in 2025. (Includes three data tables.)
Inside MBS & ABS
Fannie and Freddie MBS Portfolios Balloon in 4Q
MBS holdings in the retained mortgage portfolios of the GSEs doubled between June 2025 and the end of the year. And that’s before President Trump directed them to buy $200 billion of MBS. (Includes data table.)
Inside the CFPB
Credit Card Complaints to CFPB Drop in 4Q
While several complaint categories saw increases during the fourth quarter, consumer issues tied to student loans and credit cards declined. (Includes two data tables.)
Inside The GSEs
M&A Reshapes Conventional Mortgage Market
Mergers caused deliveries of conventional mortgages from Rocket and Bayview to spike, reshuffling the leaderboard for GSE sellers. (Includes two data tables.)
Inside FHA/VA Lending
Ginnie Mae Issuance Rebounds in January; USDA Loans Spike
Issuance of Ginnie Mae mortgage-backed securities increased modestly during January. Issuance backed by USDA recovered to recent highs after a partial shutdown halted endorsements late last year. (Includes two data tables.)

Inside The GSEs

M&A Reshapes Conventional Mortgage Market
Mergers caused deliveries of conventional mortgages from Rocket and Bayview to spike, reshuffling the leaderboard for GSE sellers. (Includes two data tables.)
Records Released Under FOIA Add to Tri-Merge Debate
FOIA documents reveal that in 2022 Fannie and Freddie business assessments determined that a single-bureau credit report would be inferior to either a tri-merge or a bi-merge.
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?