Money market managers and insurance companies increased their holdings of single-family MBS during the second quarter.

Despite the 2Q25 increase, repurchases for the first half of 2025 were down 33.9% from the same period last year.

Since mid-2022, the agency has been gaining servicing share with lenders turning to FHA mortgages and loans through the Department of Veterans Affairs.

The last time Chase issued an MBS focused on ARMs from other lenders was 2019.

Kroll Bond Rating Agency is facing increased competition in assessing non-agency mortgage-backed securities.

Federally insured depository Chase continued to lead in the category of ARM production, funding $5.75 billion during 2Q25.

Non-agency jumbos accounted for 15.8% of total first-lien originations in the second quarter of 2025, the highest share for the sector since late 2022.

Some $3.70 billion of ARMs were included in agency MBS issued during the second quarter of 2025.

Retail lenders gained the most ground in the nonconforming market.

The real market share winner, of course, has been Ginnie Mae.