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Private MI Firms See Declining New Business
November 13, 2026
All six of the private mortgage insurers posted declines in new business from the second quarter to the third.
Figure Grows Loan Volume
November 13, 2026
Figure Technology Solutions' consumer loan marketplace volume increased 36.0% from the second quarter and more than doubled from the third quarter of 2025.
MBS Issuance to Hit Record Volume in 2027
November 13, 2026
KBRA said several 2026 developments will help broaden the MBS market beyond traditional originations in 2027.
Beeline Takes Losses in 3Q
November 13, 2026
Mortgage lender Beeline narrowed losses slightly in the third quarter, taking a $3.8 million loss.

Servicing
Large Nonbanks See Share of GSE Servicing Drop in 3Q
Small and mid-sized nonbanks increased their share of GSE servicing to 16.7% at the end of September from 15.8% as of the end of June. (Includes two data tables.)
Earnings
Mortgage Earnings at Banks Take Hit in 3Q
The rise in interest rates during the third quarter limited originations and put pressure on profitability. The value of mortgage servicing rights increases as interest rates go up, but that wasn’t enough to offset declining production revenue at many banks. (Incldues one data table.)
Agency MBS
Agency MBS Issuance Decelerates as Rates Ratchet Up in October
More GSE loans are being delivered with VantageScores, but most of them were priced based on their Classic FICO score in October. (Includes two data tables.)
Servicing
Some of the Largest Servicers Shrink in Third Quarter
Rocket and Chase both reduced their portfolios of owned MSRs and primary servicing. United Wholesale Mortgage and Pennymac are also in the process of selling large chunks of servicing. (Includes three data tables.)
Government-Insured Servicing
Top Ginnie Servicers Increase Portfolios in Third Quarter
Eight of the top 10 Ginnie Mae servicers had bigger portfolios at the end of September than at the midway point in the year. (Includes four data tables.)
Expanded Credit
Major Lenders Pull Back on ECM MBS in 3Q
Several lenders that typically contribute significant amounts of loans to expanded-credit mortgage-backed securities reduced their contributions in the third quarter of 2026. (Includes three data tables.)

Inside Mortgage Finance

Primary MI Volume Declines in 3Q as Refis Spiral Down
Originations of home loans with primary mortgage insurance declined during the third quarter as rising interest rates stymied refinance activity across the board. (Includes four data tables.)
GSEs Expected to Adjust Pricing for Score Models
FICO’s CEO William Lansing was highly critical of the FHFA’s decision to treat Classic FICO and VantageScore 4.0 the same in terms of loan-level price adjustments.
- FICO’s Pricing for Scores in Flux With VantageScore Competition
- Smaller MSR Holders Wary of FASB’s New Proposal
More Inside Mortgage Finance

Inside MBS & ABS

CMBS Issuance Slips in 3Q, Still Running Ahead of 2025
November 12, 2026
Securitization of retail-property mortgages was a bright spot in the third quarter, as volume surged 60% from the previous period. The office, lodging and industrial sectors saw sharp declines, while multifamily was down in both agency and non-agency. (Includes two data tables.)
Spec-Pool Share of GSE MBS Sharply Up in Third Quarter
November 12, 2026
Specified pools accounted for more than half of GSE single-family MBS issued in the third quarter. The most popular pools were MBS with maximum loan amounts of $300,000 and loans with credit scores of 700 or less. (Includes data table.)
CMBS Distressed Loans Spread Nationwide
November 12, 2026
Delinquencies on loans in CMBS have risen as more loans reach maturity across the country.
Experts Debate Balance Sheet Changes at the Fed
November 12, 2026
Debate has picked up over the Federal Reserve’s balance sheet in advance of the anticipated early 2027 release of a task force report on the central bank’s balance sheet policy.

More Inside MBS & ABS

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Inside Nonconforming Markets

Prime Non-Agency MBS Up in 3Q, Led by Purchase Loans
November 6, 2026
Purchase mortgages accounted for 75.1% of prime non-agency MBS issuance in the third quarter, up from a 58.9% share in the previous quarter. (Includes three data tables.)
Jumbo Market Finds Stability Amid High Interest Rates
November 6, 2026
Rising interest rates have a distinct impact on the jumbo market, but borrowers and sellers in the space are finding a balance.
Redwood Losses Widen in 3Q Due to Legacy Issues
November 6, 2026
Redwood Trust reported a loss of $45.5 million in the third quarter, as well as a decline in its aggregation of non-agency mortgages.
Pennymac REIT Incurs Loss in 3Q, Eyes More Non-Agency
November 6, 2026
Pennymac Mortgage Investment Trust posted a $25.4 million loss in the third quarter. The REIT is shifting its correspondent acquisition activity to focus solely on non-agency mortgages.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Servicing Boosts Nonbank Mortgage-Banking Income in 3Q
November 13, 2026
Servicing helped nonbank mortgage lenders reach profitability even as high interest rates pushed down originations in the third quarter of 2026. (Includes data table.)
Agency MBS Delinquency Rates Jump During 3Q
November 13, 2026
The performance of loans across agency mortgage-backed security programs continued to deteriorate in the third quarter. The delinquency rate for FHA loans in Ginnie MBS was the highest among the agencies. (Includes two data tables.)
Blend Spills More Red Ink in 3Q as Originations Decline
November 13, 2026
Blend executives are optimistic that recently launched AI solutions will help the fintech grow its business in a slow originations market next year.
UWM Unfazed by Rocket’s Plan to Grow Broker Channel
November 13, 2026
UWM CEO Mat Ishbia is confident his company will maintain its large share of the wholesale broker channel even as Rocket steps up its interest in the space.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Issuance Slump Continues in October
Ginnie Mae MBS issuance fell to an unseasonably low level in October, with declines in both purchase mortgages and refis. (Includes two data tables.)
Freedom’s CEO Warns of Coming Liquidity Squeeze
Ginnie Mae nonbank servicers are stuck between elevated delinquencies and rising interest rates from their warehouse lenders, pressure which threatens to lead to a moderate crisis if there’s an upset elsewhere in capital markets, said Freedom Mortgage CEO Stan Middleman.
UI Fellows Suggest Ginnie Servicer Liquidity Improvements
Ginnie Mae should focus on enacting more durable liquidity backstops for its nonbank issuers, the Urban Institute recommended.
Trump Targets Rate Reductions for Small Programs
President Trump’s recent executive order directed the Department of Veterans Affairs and U.S. Department of Agriculture to reduce rates on direct mortgage programs, which combined make a couple thousand loans each year.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Servicing Boosts Nonbank Mortgage-Banking Income in 3Q
Servicing helped nonbank mortgage lenders reach profitability even as high interest rates pushed down originations in the third quarter of 2026. (Includes data table.)
Inside Mortgage Finance
Primary MI Volume Declines in 3Q as Refis Spiral Down
Originations of home loans with primary mortgage insurance declined during the third quarter as rising interest rates stymied refinance activity across the board. (Includes four data tables.)
Inside Nonconforming Markets
Prime Non-Agency MBS Up in 3Q, Led by Purchase Loans
Purchase mortgages accounted for 75.1% of prime non-agency MBS issuance in the third quarter, up from a 58.9% share in the previous quarter. (Includes three data tables.)
Inside MBS & ABS
CMBS Issuance Slips in 3Q, Still Running Ahead of 2025
Securitization of retail-property mortgages was a bright spot in the third quarter, as volume surged 60% from the previous period. The office, lodging and industrial sectors saw sharp declines, while multifamily was down in both agency and non-agency. (Includes two data tables.)
Inside the CFPB
Mortgage Complaints to CFPB Rise in Third Quarter
Servicing and loan modification issues continued to account for the bulk of complaints filed with the bureau during the third quarter.
Inside The GSEs
GSE Deliveries Nosedive in October
Only two of the top 10 GSE sellers, and 12 of the top 100, saw their deliveries to Fannie Mae and Freddie Mac MBS increase from September to October. (Includes two data tables.)
Inside FHA/VA Lending
Ginnie Issuance Slump Continues in October
Ginnie Mae MBS issuance fell to an unseasonably low level in October, with declines in both purchase mortgages and refis. (Includes two data tables.)

Inside The GSEs

GSE Deliveries Nosedive in October
Only two of the top 10 GSE sellers, and 12 of the top 100, saw their deliveries to Fannie Mae and Freddie Mac MBS increase from September to October. (Includes two data tables.)
VantageScore Gains Ground After FHFA Levels Pricing
The volume of loans delivered to the GSEs with a VantageScore 4.0 credit score increased 171% in October even as total volume fell by nearly 29%.
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?