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Servicing Portfolios Decline at Rocket, Chase in 3Q
November 6, 2026
Servicing outstanding increased overall during the third quarter, but not at the two largest players in the market.
Onity Adjusting MSR Acquisition Strategy, Subservicing
November 6, 2026
“We intend to be significantly more selective in the MSRs we purchase and hold going forward,” said Glen Messina, chair, president and CEO of Onity.
Ending GSE Conservatorship by 2028 Looks Unlikely
November 6, 2026
“A lot of things that need significant leadership from [the Federal Housing Finance Agency] and Treasury, and it’s not clear it’s a priority,” said Bose George, a managing director at Keefe, Bruyette & Woods.
Consumer Advocates Seek Stronger Regulation of HEIs
November 6, 2026
The National Consumer Law Center said regulators and policymakers should clarify that HEIs are mortgages and subject the products to federal and state mortgage laws and regulations.

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.)
CLO/CDO
Resets Drive CLO/CDO Issuance Higher in 3Q
Issuance of new BSL and MML deals rose smartly in the third quarter while CRE-backed issuance fell. Reset activity increased 23% from the second quarter. (Includes two data tables.)
Originations
Originations Tumble 16% in Third Quarter
Interest rates on mortgages increased by about 90 basis points during the third quarter, including a spike in September. That made it difficult to originate mortgages. (Includes two data tables.)
Buybacks
Seller Repurchases of GSE Loans Bounce Up in 2Q
Seller repurchases of defective Fannie/Freddie loans increased 19% from the first to the second quarter of 2026. Although the 2025 book appears to be one of the cleanest in recent years, unresolved buyback claims were up 18% in the second quarter. (Includes three data tables.)
Channels
Retail Share Rising in Conventional-Conforming
The retail channel accounted for 44.2% of conventional-conforming originations in the second quarter among a large group of survey participants, up from a 41.4% share in the first quarter and a share of 38.9% in the second quarter of 2025. (Includes two data tables.)
MBS
Refi Activity Plummets, Dragging Down Agency MBS in 3Q
The flow of refis into agency MBS nearly halved during the third quarter. Purchase-mortgage volume was up 12.5% on a sequential basis; but over the first nine months, it was up only 1.3% year over year. (Includes two data tables.)

Inside Mortgage Finance

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.)
MSR Buyers Paying Up; Some See a Peak in Prices
Current-coupon conventional MSRs are selling at a seven multiple. There’s speculation that prices will rise, especially if banks come back to the market. However, some analysts are suggesting that MSR investors and prices are on shaky ground.
- Mortgage Giants Prepare for Long Winter, Hold Onto Cash
- First-Lien Lending Suppressed, Opportunities With HELs
More Inside Mortgage Finance

Inside MBS & ABS

Agency MBS Issuance Decelerates as Rates Ratchet Up in October
November 5, 2026
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.)
GSEs Expected to Remain in Conservatorship Through 2028
November 5, 2026
Ending the conservatorship during the current Trump administration appears unlikely. It’s also unclear whether GSE pricing for VS4 loans will be adjusted again.
GSEs Add MBS to Their Portfolios During September
November 5, 2026
More MBS in the retained mortgage portfolios of the GSEs boosts net interest income, but adds to their capital costs and duration risk. (Includes data table.)
UI Skeptical Reviving PTAP Will Help Ginnie Servicers
November 5, 2026
Reviving Ginnie Mae’s pandemic-era pass-through assistance program would only offer partial liquidity assistance to distressed servicers, according to Urban Institute fellows.

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.
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

Mortgage Earnings at Banks Take Hit in 3Q
October 30, 2026
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.)
Lenders, Servicers Seeing Cost Savings From AI
October 30, 2026
Companies are starting to reduce overhead costs through the use of AI in servicing and originations.
Mortgage Investors Adding Risk Penalty for New Credit Scores
October 30, 2026
Uncertainty regarding the performance of VantageScore 4.0 and FICO 10T compared with Classic FICO is prompting mortgage investors to penalize mortgages underwritten with new scoring models.
Riskier Mortgages Gain Some Share at GSEs in 3Q
October 30, 2026
Purchase mortgage share tilted toward mortgages with higher LTV ratios. And both purchase loans and refis saw a higher share of borrowers with low credit scores. (Includes two data tables.)

More Inside Mortgage Trends

Inside FHA/VA Lending

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.)
Former FHA Head Laments Programs That Didn’t Make Cut
Former FHA Commissioner Frank Cassidy wishes FHA had been able to prioritize reforms to encourage more originations of small-dollar mortgages while he was running the agency.
FHA Expects Alt Credit Scores to Improve Modeling
VantageScore 4.0 and FICO 10T will help save FHA money by improving its loan modeling, said Commissioner-nominee Matt Jones.
GAO: HUD Lost Experienced Staff in 2025
More than a third of staff members who left the Department of Housing and Urban Development last year had been with the agency for 20 or more years, according to the Government Accountability Office.

More Inside FHA/VA Lending

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Inside Mortgage Trends
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.)
Inside Mortgage Finance
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.)
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.
Inside MBS & ABS
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.)
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
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.)
Inside FHA/VA Lending
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.)

Inside The GSEs

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.)
GSEs Put a (Modest) Dent in Their Capital Shortfalls
Although Fannie Mae and Freddie Mac still face enormous capital shortfalls, retained earnings are beginning to make a mark. (Includes one data table.)
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?