President Trump’s announcement that the GSEs will buy $200 billion of agency MBS prompted mortgage spreads to tighten by about 20 basis points and some lenders to offer mortgages below 6.00%.

Both wholesale and correspondent lending look poised to increase this year, according to industry participants.

Wells Fargo, Bank of America, and Chase increased mortgage production during the fourth quarter.

Lenders are looking to investments in technology to help scale originations without adding a huge number of LOs when lending increases.

The Mortgage Bankers Association expects mortgage rates will remain in a narrow band this year while Fannie Mae forecasts declines.

Appraisal reforms included in a Senate-approved housing package didn’t make it into a housing bill moving through the House. Meanwhile, the MBA raised concerns about the reforms in the Senate legislation.

Originations of home equity lines of credit and closed-end second liens continued to increase during the third quarter of 2025 but at a slower pace than in the previous quarter.

First-lien originations declined from the second quarter to the third, but the top five lenders boosted their share of production.

Mortgage applications are on the upswing as interest rates and spreads fall. FHFA says Trump is responsible, but critics disagree.

Refi originations push warehouse lending commitments up during the third quarter. On an annual basis, commitments were up 11.1%, with a handful of warehouse lenders putting a strong emphasis on the business. (Includes data table.)