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.

Some 69.8% of mortgages originated during the third quarter of 2025 were securitized.

ARMs made up 15.9% of total first-lien originations in the third quarter, down from a 16.2% share in the second quarter.

Citizens Bank maintained its top HEL lender position with $3.10 billion of volume in the third quarter, down 0.9% from the previous three-month period.

Chase had the most mortgage sales volume in the third quarter among depositories, according to a recent Inside Mortgage Trends analysis of call report data.