VA refi issuance was the highest since the fourth quarter of 2021.

The biggest gain was in the expanded-credit mortgage sector, where new issuance jumped 74.5% from 2024 to $78.24 billion last year.

The last time a single company held more than $1.0 trillion of agency servicing was 2019, near the end of the reign of Wells Fargo atop the servicing market.

Volume with primary MI was up sharply in the fourth quarter of 2025 at both the government-sponsored enterprises and the Department of Veterans Affairs, while FHA volume lagged to some extent.

Issuance of residential mortgage-backed securities increased by 13.8% on an annual basis, hitting $1.43 trillion in 2025.

The shift in credit scores was driven by refinance activity.

Issuance of agency mortgage-backed securities increased by 10.8% on an annual basis to $1.235 trillion in 2025.

United Wholesale Mortgage issued $145.24 billion of agency MBS in 2025.

The correspondent channel accounted for 40.1% of the survey group’s government-insured production in the third quarter, up from 37.7% in the second quarter.

Although holdings increased overall, two of the four largest players in the market reduced their holdings: Bank of America and Wells Fargo.