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Purchase Growth Drove Strong Agency Issuance in January
February 5, 2026
A 3% monthly increase in securitizations of purchase mortgages bolstered agency issuance in January to $119.95 billion, rising 1.9% on a monthly basis and 21.6% year-over-year.
Lenders See Big Opportunities for Reverse Mortgages
February 5, 2026
After a fall in interest, reverse mortgages are gaining popularity.
Lenders Advise Avoiding Common RTL, DSCR Mistakes
February 5, 2026
Industry members in the nonconforming loan space encouraged lenders to be wary of the risks involved in debt service coverage ratio mortgages and residential transition loans. At a recent conference hosted by Information Management Network, they urged attendees to keep an eye on certain key details in the transactions.
Ginnie Forges Ahead in AI Applications
February 5, 2026
Ginnie Mae expanded its forays into artificial intelligence in 2025 to support its transition to a loan-level framework.

CLO/CDO
Record Year for CLO, But Issuance Slowed in 4Q25
Reset and refinance deals accounted for nearly 60% of last year’s bumper crop of CLOs that totaled more than $607 billion. (Includes two data tables.)
Originations
Originations Increase in Fourth Quarter With Refi Push
Production of first-lien residential mortgages increased by 17.3% during the fourth quarter of 2025. Refinances soared while purchase-mortgage activity declined as part of a seasonal trend. (Includes two data tables.)
Ginnie Mae Issuance
Ginnie Refi Issuance in 4Q Surges Closer to Pandemic Levels
Ginnie Mae issuance of mortgage-backed securities backed by refinance loans zoomed in the fourth quarter to highs not seen since the pandemic boom. (Includes four data tables.)
Expanded Credit
Non-Agency MBS Issuance Jumps 61% in 2025
Issuance of expanded-credit MBS increased by nearly 80% on an annual basis in 2025 to $75.91 billion. Prime non-agency MBS issuance was up nearly 40% to $45.19 billion. (Includes data table.)
ABS
ABS Issuance Hits Record in 2025 Despite Late Decline
Car manufacturers accounted for about half of the record $165 billion of vehicle ABS issued last year. The share of nonprime loans to car buyers was up slightly from 2024. (Includes three data tables.)
Mortgage Insurance
Private MI Business Stronger Than FHA in 4Q
For both purchase mortgages and refis, GSE activity with private MI posted stronger performance than FHA in the fourth quarter of 2025. For the full year, trends differed, at least with purchase mortgages. (Includes three data tables.)

Inside Mortgage Finance

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.)
MBA Criticizes CDIA Argument Over Credit Report Requirements
Bob Broeksmit, president and CEO of MBA, said the CDIA is distorting mortgage lenders’ position and reason for urging a change to the tri-merge credit reporting requirement.
- VantageScore 4.0 Was Not Approved by GSEs
- GSE Privatization Unlikely During Election Year
More Inside Mortgage Finance

Inside MBS & ABS

January Ushers In New Year With Modest Gain in MBS
February 5, 2026
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.)
HEI Securitization to See Strong Momentum in 2026
February 5, 2026
The HEI securitization market is expected to continue growing in 2026, helped by growing borrower awareness and investor appetite.
CHLA Calls for Ginnie Liquidity Improvements
February 5, 2026
The Community Home Lenders of America reiterated its support for program revisions at Ginnie Mae to ease liquidity challenges faced by small and mid-sized nonbanks.
CMBS Delinquency Rate Rises, Maturities Refinanceable
February 5, 2026
The commercial MBS delinquency rate climbed in December. Record CMBS issuance as well as a fading maturity wall are expected in 2026.

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Inside Nonconforming Markets

Expanded-Credit MBS Issuance Slows in 4Q
January 30, 2026
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.)
Annaly’s Non-Agency Conduit Has Record Year
January 30, 2026
Annaly Capital Management achieved company records in lock volume and securitization issuance during the fourth quarter of 2025.
Non-Agency Lenders Bracing for Decline in Interest Rates
January 30, 2026
With the potential for interest rates to decline further, originators in the RTL and DSCR space have varying strategies for dealing with volume changes.
Fraud Risks Persist for Non-Agency Mortgages
January 30, 2026
Industry participants recently warned against common types of fraud involving DSCR mortgages and residential transition loans.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Agency MSR Transfers Pick Up in Fourth Quarter of 2025
January 23, 2026
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.)
Agency MBS Delinquency Rate Hits Level Seen in 2021
January 23, 2026
The total delinquency rate on loans in agency MBS reached 3.71% at the end of 2025. The last time delinquencies were at that level was early 2021 as the market was recovering from the impact of the pandemic. (Includes data table.)
Lenders Offering Guidance on Student Loan Repayments
January 23, 2026
Mortgage lenders are partnering with student loan debt repayment services as a pathway to drive business with new and existing borrowers.
Truist Touts Success With AI in Underwriting
January 23, 2026
Truist is using an AI tool from Dark Matter Technologies for underwriting processes while having humans validate the results. Meanwhile, MISMO is working on a framework for AI.

More Inside Mortgage Trends

Inside FHA/VA Lending

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.)
MBA Dismisses CHLA Concerns Over Single-File Credit Pulls
The Mortgage Bankers Association said a move to a single-file credit system at Fannie and Freddie wouldn’t undermine government lending programs, but might instead encourage them to follow suit.
MBA Joins Push to Revisit FHA Insurance Premiums
The Mortgage Bankers Association joined a growing chorus of industry groups calling for FHA to revisit its mortgage insurance premiums following a strong show of the Mutual Mortgage Insurance Fund.
Ginnie Expands Scope of AI Pilots for Loan-Level Push
Ginnie Mae launched pilot applications of artificial intelligence in its operations last year as it works to speed up its transition from pool- to loan-level operations.

More Inside FHA/VA Lending

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Inside Mortgage Trends
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
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.)
Inside Nonconforming Markets
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.)
Inside MBS & ABS
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.)
Inside the CFPB
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.)
Inside The GSEs
Rocket/Mr. Cooper Combo Dominates GSE Servicing
Market share of the top-five GSE servicers jumped from 35.1% in the third quarter of 2025 to 40.4% in the fourth. (Includes two data tables.)
Inside FHA/VA Lending
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.)

Inside The GSEs

Rocket/Mr. Cooper Combo Dominates GSE Servicing
Market share of the top-five GSE servicers jumped from 35.1% in the third quarter of 2025 to 40.4% in the fourth. (Includes two data tables.)
GSE Reform Plans Uncertain Following $200B MBS Push
Some critics argue that forcing Fannie Mae and Freddie Mac to intervene in the mortgage-backed securities market may indicate their recapitalization and release from conservatorship is now on hold.
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?