It’s the first time Freddie’s MBS business has been larger than Fannie’s on an annual basis since 1991.

Ginnie MBS issuance outpaced the GSEs beginning in 2022, a trend that holds to this day. (Includes two data tables.)

HUD announces 2025 loan limits; FHA finalizes cyber incident reporting requirement updates; UWM removes LLPA for government loans; and more news in brief.

UWM and Rocket believe they saw a preview of future origination trends during September’s brief rate-decline window.

Lenders originated $112.67 billion of FHA and VA loans in the third quarter — the highest quarterly volume for the government loan programs since the second quarter of 2022. (Includes three data tables.)

Government lending increased by 14.5% while the rest of the market rose just 4.3%.

October deliveries to the GSEs were up 15.2% from September, largely due to a 66.4% sequential increase in refinances. (Includes two data tables.)

Issuance of Ginnie Mae mortgage-backed securities with refinance loans increased sharply for the third straight month in October. However, the refi business appears poised to slow as interest rates on mortgages increased through October. (Includes two data tables.)

The new offering allows for a cash-out refi with an LTV ratio near 90% without borrower-paid mortgage insurance.

Nonbanks of all sizes, except for HFAs, lost market share to all types of depositories. Even so, the rankings of the top 10 GSE sellers barely changed in the third quarter. (Includes two data tables.)