The shift of the assets to "held for sale" status prompted a $27.0 million loss.

VA refi issuance was the highest since the fourth quarter of 2021.

The executive order would prevent federal agencies and the government-sponsored enterprises from facilitating the acquisition of a single-family home by a large institutional investor.

The biggest gain was in the expanded-credit mortgage sector, where new issuance jumped 74.5% from 2024 to $78.24 billion last year.

Mortgage rates declined slightly in the government-insured market after the Trump administration directed Fannie Mae and Freddie Mac to purchase a combined $200 billion in agency mortgage-backed securities.

Amit Siroya, managing director of residential investments, asset-based finance, at Barings, said RTL originations could slow in certain pockets that are seeing volatility in home prices.

The last time a single company held more than $1.0 trillion of agency servicing was 2019, near the end of the reign of Wells Fargo atop the servicing market.

Michael Fratantoni, chief economist and a senior vice president of research and business development at the Mortgage Bankers Association, predicted that interest rates will largely stay above 6.0% in 2026 and 2027.

It remains unclear what types of MBS the GSEs are planning to buy and the span of the planned purchases, among other factors.

Volume with primary MI was up sharply in the fourth quarter of 2025 at both the government-sponsored enterprises and the Department of Veterans Affairs, while FHA volume lagged to some extent.