Production of adjustable-rate mortgages increased almost across the board in the second quarter of 2025. As usual, banks led the charge. (Includes data table.)

An evolving regulatory environment under the Trump administration has created new interest in mortgages backed by cryptocurrency like Bitcoin and Ethereum.

Retail lending among lenders in the analysis declined sharply during the first quarter while the correspondent and broker channels posted more modest declines in nonconforming production. (Includes two data tables.)

ARMs accounted for 12.1% of total residential mortgage originations in the first quarter of 2025, down more than a full percentage point compared with the previous quarter. Still, production of the loans was up from the first quarter of 2024. (Includes data table.)

Impairment rate on securitized non-QMs rises in May; Rocket offering bridge loans; architecture firm to acquire non-QM lender; Chimera unit aggregating HEIs for securitization.

Short-term mortgages track residential transition loans and fix-and-flip loans. Last year, originations were up 34.6% compared with 2023. (Includes data table.)

Correspondent sales of jumbo mortgages originated in 2024 increased by more than 60% on an annual basis. The largest sellers were almost all nonbanks, though Chase cracked the top 5 with its deliveries into non-agency MBS. (Includes data table.)

Federal agencies have used the higher-priced mortgage designation as a proxy for subprime lending. Strategies vary among the biggest originators of higher-priced mortgages, including focusing on loans for manufactured homes or expanded-credit mortgages. (Includes two data tables.)

Rithm is both a buyer and seller of non-agency mortgages. Wider spreads in recent months have helped generate strong returns from loan acquisitions. Meanwhile, RTL production through its Genesis unit slowed during the first quarter.

Impairment rate on non-QMs declines; new issuers of home equity loan securitizations; bank offers new jumbo ARMs via wholesale channel; proprietary reverse-mortgage product from Liberty Reverse Mortgage.