Recent mergers changed the top 10 lenders who delivered loans into Fannie Mae and Freddie Mac mortgage-backed securities, according to the latest ranking and analysis by Inside The GSEs.

Mergers caused deliveries of conventional mortgages from Rocket and Bayview to spike, reshuffling the leaderboard for GSE sellers. (Includes two data tables.)

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.)

The combined entity of Rocket and Mr. Cooper overtook UWM for GSE loan sales in 2025.

As a merged company, Rocket Mortgage and Mr. Cooper delivered more mortgages to Fannie Mae and Freddie Mac than any other company during the fourth quarter of 2025.

UWM, Rocket and Pennymac all sold fewer mortgages to the GSEs in November than in October. That contributed to a 1.3% monthly decline in GSE MBS issuance. (Includes two data tables.)

The non-agency product has gone from a niche offering to mainstream, with Rocket becoming the latest prominent lender to offer DSCR loans.

Refis totaled $22.84 billion in October, the highest volume since June 2022 and 31.7% of all GSE deliveries for the month. (Includes two data tables.)

If the merger of Rocket Mortgage and Mr. Cooper had been completed in time to include third-quarter numbers, the resulting company would have had a GSE servicing portfolio approaching $1.0 trillion.

Rick Calle previously held the position from 2016 to 2022.