Buy now, pay later spending has increased from about $2 billion in 2019 to $75 billion in 2023, according to a new report by the JPMorgan Chase Institute.

VA refinance activity more than doubled in the fourth quarter and FHA refi volume was up 55%. United Wholesale Mortgage was the top lender in both government loan programs. (Includes three data tables.)

Heads of government mortgage programs discussed current and future initiatives last week at the Mortgage Bankers Association’s servicing summit.

The Department of Housing and Urban Development’s Office of the Inspector General identified 64 potential fraud schemes FHA hadn’t accounted for in its single-family risk inventory.

Staffing levels at the Department of Housing and Urban Development fell in the third quarter last year, according to a report from the Government Accountability Office.

The nonconforming market continued to gain share during the fourth quarter. In all of 2025, the nonconforming sector accounted for 20.9% of first-lien originations, up from a 16.6% share in 2024. (Includes two data tables.)

AEI researchers said large institutional investors own about 1% of single-family homes vs. 11% for small-scale investors with low interest rate GSE-backed loans.

Delinquencies continue to rise but industry participants stress there’s no cause for concern. They pointed to a change in FHA loss-mitigation policies during the fourth quarter and “market recalibration.” (Includes two data tables.)

Delinquent FHA loans stay that way for longer under the loss-mitigation updates FHA rolled out at the start of the fourth quarter.

Researchers at the FRB of Richmond demonstrate how banks that gain local market share by acquiring an existing bank are likely to decrease FHA lending even while increasing conventional lending.