Some $401.0 billion of nonconforming mortgages were originated in 2025.

Banks had $2.82 trillion of servicing for others at the end of 2025, down 0.6% from the end of September.

According to Inside Mortgage Finance’s Large Servicer Delinquency Index, the overall delinquency rate increased by 46.6 basis points from the end of September, hitting 3.29% at the end of 2025.

Over the past two years, there have been four quarterly declines and four increases in bank holdings of residential MBS.

The fourth-quarter total was skewed by Capital One, which reported $484.8 million in mortgage-banking income in the quarter.

Private MIs and the two major government programs provided primary coverage on $74.80 billion of refinance loans, more than double the volume in the third quarter.

Issuance of Ginnie Mae mortgage-backed securities increased by 3.5% on a monthly basis in January.

The portfolios include both MBS and mortgages, with MBS holdings at Fannie Mae and Freddie Mac up nearly 60% on a quarterly basis in the fourth quarter of 2025.

The increase in issuance occurred across several categories, including a 79.2% surge in volume tied to loans eligible for sale to the government-sponsored enterprises.

For the full year, refis accounted for 30.1% of total first-lien mortgage originations, up from a 21.5% share in 2024.