The retail channel accounted for 51.3% of first-lien mortgage originations in 2025, up from 50.6% in 2024, according to a new analysis by Inside Mortgage Finance.

Typically, the loans in jumbo MBS from Redwood are fixed-rate mortgages.

Dallin Merrill, head of policy at the Structured Finance Association, said some larger investors can increase their investments in 144A transactions, but smaller investors still struggle.

One of the mortgagee letters that established the policies in 2022 required that HUD document all CWCOT property sales, but the HUD OIG said it didn’t keep records verifying buyers, such as the statements owner-occupants must sign verifying they intend to use the home as a principal residence.

"It is possible that pull-through rates declined in February as mortgage rates continued to drift lower through the month," according to analysts at Goldman Sachs.

The correspondent share of mortgage originations shrank in 2025, with retail picking up most of the slack. Both channels remained well ahead of the wholesale channel. (Includes six data tables.)

Eligibility for partial claims would be backdated to the sunset of the VA servicing purchase program, on May 1, 2025.

The GSEs started issuing credit risk transfer transactions in 2013.

Chase acquired the closed-end second liens from Capital One Financial, which acquired Discover Financial Services in May 2025.

Only 17% of voters recently surveyed by the National Association of Realtors believe it’s a good time to buy a home.