The decline in issuance was driven by refinances, with refi volume off 16.8% on a monthly basis.

The MBA's white paper, prepared by the law firm of Orrick, Herrington & Sutcliffe, addresses various questions regarding AI usage.

Kiavi originated more than $7.0 billion of loans in 2025, with a focus on short-term residential transition loans along with mortgages underwritten using debt service coverage ratios.

Lenders denied 12.1% of applications for jumbo mortgages in 2025.

Applications increased by 10.8% on a weekly basis, including a 15% rise in requests for refinances.

Deal sizes have increased with each issuance, growing from $234.5 million for the first deal from Figure, in August, to $373.3 million with the new issuance.

“The existing home sales data reflects momentum that was building earlier this spring, when buyers briefly benefited from improved affordability and greater purchasing power,” said Kamini Lane, CEO and president of Coldwell Banker Realty.

The agencies securitized $30.31 billion of rate-term refis in May, a 32.6% decline from April.

Locks for purchase mortgages declined by 5.1% on a monthly basis in May and rate-term refi locks fell 33.6%.

The bank originated $7.34 billion in jumbos in the first quarter, a 22.9% decline from the fourth quarter of 2025, according to a new analysis and ranking by Inside Nonconforming Markets.