Interest rates on mortgages are back above where they were before President Trump directed the GSEs to buy $200 billion of MBS.

“The process for the data publication is now with the GSEs,” FICO said.

Both purchase-mortgage volume and refinances declined on a monthly basis in February.

United Wholesale Mortgage's agency MBS issuance declined by 6.5% on a monthly basis in February while Rocket Mortgage's volume was down 16.5%.

Earnings slipped by 6.6% on an annual basis in 2025 among 11 publicly traded nonbank mortgage companies.

Only two securitizations of home equity loans have hit the market thus far in March.

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.

"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 GSEs started issuing credit risk transfer transactions in 2013.