Holdings declined by 2.8% during the second quarter of 2026.

The GSEs’ share of servicing topped out at 50.4% in March 2022 and has declined each quarter since then, through June 2026.

“The disruption created by industry consolidation among subservicers continues to create opportunities,” said Glen Messina, chair, president and CEO of Onity Group, which has a subservicing unit.

Servicing profits dropped even more than production income on a percentage basis.

Rocket Mortgage’s deliveries ebbed 3.4% from July, to $7.76 billion, but its edge over United Wholesale Mortgage expanded as the latter saw a 13.1% monthly decline in GSE sales to $5.81 billion.

“Margins this quarter were impacted by competitive pricing within the industry, especially with larger mortgage originators, better pricing on new deals and a higher proportional mix of larger clients with lower risk-adjusted pricing relative to the prior quarter,” said Kevin Comps, president and secretary of Northpointe Bank.

Mortgage sale activity by banks increased by 6.7% on a quarterly basis in the second quarter.

Jumbos accounted for 18.8% of originations in the second quarter of 2026, the highest share for the products since late 2022.

Issuance of agency mortgage-backed securities increased by 4.6% on a monthly basis to $115.92 billion in August.