Originations of jumbo mortgages increased by 50% on an annual basis in the first quarter of 2026. The bulk of the volume is in non-agency jumbos, with the conforming jumbo sector also holding up. (Includes three data tables.)

Officials at Pennymac note that the correspondent channel has been losing some share to the GSEs. (Includes six data tables.)

Conventional-conforming mortgages accounted for 54.3% of originations in the first quarter of 2026. Rocket Mortgage was the top producer of the loans in the quarter. (Includes two data tables.)

The interest rate outlook is looking better for MSR values than it is for mortgage originations. New Fed Chair Kevin Warsh faces headwinds on a rate cut this year, with some economists anticipating that the next move by the central bank will actually be a rate hike.

Overall, FHA and VA lending declined by 8.3% on a quarterly basis in the first quarter of 2026. FHA refi volume was up, helped by loans to existing FHA borrowers. (Includes three data tables.)

The boost in originations typically seen during the second quarter won’t materialize this year, according to the CEO of Rocket.

Federal bank regulators are looking to reduce the capital requirements that apply to mortgage servicing rights and to mortgages held in portfolio. A March proposal is seen as making mortgage lending and servicing somewhat more attractive for banks.

Correspondent sales of jumbo mortgages increased by 39.7% on an annual basis in 2025. (Includes two data tables.)

FICO and VantageScore disagree on how lenders in a GSE pilot are using VantageScore. FICO’s CEO claims there are LTV ratio limitations and a haircut with VantageScore. VantageScore said that’s not the case.

High interest rates are prompting some lenders to reduce their guidance for returns on equity this year. Meanwhile, margins are holding firm at some big lenders.