The directive will make the GSEs "noneconomic" buyers of agency MBS.

Issuance of agency mortgage-backed securities increased by 10.8% on an annual basis to $1.235 trillion in 2025.

Some $8.65 billion of single-family rental securitizations were issued in 2025.

Locks for purchase mortgages and rate-term refinances declined at a similar pace.

United Wholesale Mortgage issued $145.24 billion of agency MBS in 2025.

Some Democrats in Congress have also sought to limit institutional investment in the single-family market in recent years.

The correspondent channel accounted for 40.1% of the survey group’s government-insured production in the third quarter, up from 37.7% in the second quarter.

The incentive is tied to the 40th anniversary of the lender.

Although holdings increased overall, two of the four largest players in the market reduced their holdings: Bank of America and Wells Fargo.

Five non-agency mortgage-backed securities started marketing Wednesday.