A total of $545.80 billion of non-agency MBS backed by single-family mortgages was outstanding at the end of March.

Chase remained the largest warehouse provider as of the end of the March, while losing some market share.

Mutual of Omaha Mortgage and Finance of America Mortgage, the top two lenders in the sector, lost some market share in the first quarter.

Annaly was the top producer of nonconforming loans through the correspondent channel among the survey group, increasing its production by 9.9% to $5.08 billion.

Ginnie Mae’s share of total residential servicing outstanding increased to 18.5% as of the end of March.

Rocket Mortgage and Cenlar remained the largest subservicers — by far, as of the end of March, though the firms ranked third and fourth gained some ground during the first quarter of 2026.

AGNC Investment passed Annaly Capital Management during the first quarter of 2026 as the largest real estate investment trust in terms of holdings of MBS.

An analysis of earnings reports from 18 lenders showed combined income from production and secondary market rose to $2.75 billion in the first quarter, a 5.0% increase from the previous period.

Loans with balances above the baseline conforming loan limit accounted for 16.4% of total originations in the first quarter of 2026.

The decline in issuance was driven by refinances, with refi volume off 16.8% on a monthly basis.