Market participants say the surge in GSE purchases is part of the Trump administration’s effort to reduce mortgage rates and spreads.

The revised proposals would reduce capital requirements for banks, both for MBS holdings and whole loans in portfolio. The change would provide incentives for banks to retain more originations in portfolio.

Some 68.0% of mortgages originated in 2025 were sold into MBS. Securitization rates were stable across most products, except for expanded-credit mortgages, where the securitization rate increased sharply. (Includes data table.)

One of the GSEs has quietly issued an MBS comprised of loans underwritten using VantageScore 4.0.

International investors are driving demand for Ginnie Mae custom mortgage-backed securities, a trend Ginnie says it’s watching.

Ratings from a single firm are increasingly common for single-asset/single-borrower commercial MBS, a sign of potential rating shopping.

The company recently closed its first rated securitization of the year backed by home equity investments.

While institutional investors and insurance companies have been increasing their allocations to whole loans, the infrastructure supporting those allocations hasn’t kept pace, the software company said.

Since the Iran war started, interest rates have returned to where they were when President Trump directed the GSEs to purchase $200 billion in MBS and most analysts say GSE reform is now off the table.

The government-sponsored enterprises and Ginnie Mae have requirements that keep many community development financial institutions out of the mortgage business, according to CDFIs.