Higher provisions for losses in the second quarter contributed to a 14.6% sequential drop in net income for the mortgage giant.

Expanded-credit MBS issuance with loans to self-employed borrowers increased by 45.3% during the second quarter.

Constructive has 165 employees and originated $840 million of loans in the first half of 2025.

“As we take the next steps to quickly and responsibly implement a VA partial claim program, we expect servicers to continue to offer Veterans a full array of loss mitigation options,” VA’s loan guaranty service said.

Lower head counts at the mortgage giant reduced administrative expenses by $145 million in the second quarter, though profits were still down 9% sequentially.

Much of the downturn was in pools with high concentrations of loans that accomplish GSE missions and other social goals.

Redwood took a net loss of $98.5 million in the second quarter of the year, largely tied to a shift away from its legacy portfolio.

Borrower demand is shifting month to month, largely tied to trends in mortgage rates.

“There is still plenty of uncertainty surrounding the economy and job market, which is weighing on prospective homebuyers’ decisions,” said Joel Kan, a vice president and deputy chief economist at the MBA.

The Senate Committee on Banking, Housing and Urban Affairs approved the ROAD to Housing Act on a 24-0 vote.