Loans one payment past due increased 19 basis points during the second quarter, after declining during the first quarter.

The bulk of the real estate investment trust’s assets are in agency MBS.

Credit scores are a key input in predicting prepayment speeds, which in turn affect valuations and hedge strategies.

Issuance through the first half of 2025 was up by nearly 40% compared with the first half of 2024.

While home prices are up, the average loan balance on mortgage applications is declining.

Nonbanks handled 60.7% of GSE servicing as of the end of June.

AGNC Investment took a $140 million loss in the second quarter of 2025.

Income declined somewhat at the REIT in the first quarter and losses tied to the value of MBS holdings and hedging jumped compared with the first quarter, with extreme volatility early in the second quarter tied to tariff policies.

“We have far too many long-term assets on our balance sheet,” said Federal Reserve Governor Christopher Waller.

Goldman has issued two other HELOC securitizations since May 2024, leaning on loans from United Wholesale Mortgage.