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.

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

The HELOCs were largely originated by United Wholesale Mortgage and HomeTrust Bank/Symmetry Lending.

It's not clear how the GSEs are applying loan level price adjustments to mortgages underwritten with VantageScore.

“There needs to be more clarity on how the GSEs participate in this space,” said Barath Sankaran, a portfolio manager of mortgages at Loomis Sayles.

UWM is willing to revise the terms of its offer to acquire Two Harbors Investment.

Buying by insurance companies is seen as a key driver in the expanded-credit MBS market.

The CRT transaction will cover close to half of the first-lien mortgages OceanFirst was holding as of the end of March.

Bill Pulte will remain in his housing roles while serving in the new position.