The main difference in 2026 was that later-stage delinquencies increased.

Increases were recorded across all four complaint categories, covering both servicing and originations.

According to a new analysis by Inside The GSEs, depositories serviced 38.2% of the loans in Fannie Mae and Freddie Mac mortgage-backed securities at the end of the first quarter of 2026, up from a 38.0% share at the end of 2025.

A total of $69.89 billion of non-agency MBS came to market in the first three months of the year, a 34.8% increase from the fourth quarter.

A new Inside Mortgage Trends analysis showed a total of $164.28 billion of agency MSR changed hands in the first three months of the new year, down 84.1% from the prior quarter.

Ginnie posted a 1.3% quarterly gain in servicing outstanding to $2.726 trillion at the end of March, not including servicing of home-equity conversion mortgages.

Some $8.60 billion of conforming jumbos flowed into GSE mortgage-backed securities issued during the first quarter, an 11.0% decline from the previous quarter.

The refi share of Ginnie issuance increased to 43.9% in the first quarter of 2026, the highest since the second quarter of 2021.

Agency MBS issuance declined on a quarterly basis in the first quarter of 2026 while non-agency MBS issuance hit the highest level since the financial meltdown of 2007.

Purchase-mortgage volume in agency MBS issued in the first quarter of 2026 was essentially flat compared with the first quarter of 2025.