Locks for purchase mortgages were essentially level on a monthly basis in May, according to Mortgage Capital Trading.

Recent comments by the FHFA director suggest the Trump administration has no immediate plans to release Fannie and Freddie from conservatorship. Rather, FHFA will continue to focus on fraud and abuse at the enterprises.

SPS handled servicing for 30.1% of all non-agency MBS issued in the first quarter.

Volume was up 43.3% from the fourth quarter of 2024.

The firms acquire non-agency mortgages and own stakes in non-agency lenders.

“We do believe that tariffs overall will be finalized... and I actually think interest rates will go down because of it,” said Mat Ishbia, chairman and CEO of United Wholesale Mortgage.

Another contributor: Issuers were slightly faster at packaging new non-agency production.

Steve Harris, president of MIAC Analytics, noted that plenty of investors are interested in non-QMs, helping to keep prices elevated.

Ginnie Mae is instituting a temporary 10% cap on the share of mortgages with buydowns delivered into multiple issuer pools of Ginnie MBS.

The share of refis with low loan-to-value ratios delivered to the GSEs increased in the first quarter of 2025.