For the full year, refis accounted for 30.1% of total first-lien mortgage originations, up from a 21.5% share in 2024.

The correspondent channel lost 194 basis points of market share in the agency MBS market in the fourth quarter of 2025.

The refi share of GSE business saw its first monthly decline since July, slipping from 37.9% in December to 37.4% in January.

Rocket is the first nonbank to have the largest portfolio of owned servicing thanks to its acquisition of Mr. Cooper Group.

Recent mergers changed the top 10 lenders who delivered loans into Fannie Mae and Freddie Mac mortgage-backed securities, according to the latest ranking and analysis by Inside The GSEs.

During the fourth quarter of 2025, issuance of expanded-credit mortgage-backed securities declined on a quarterly basis for the first time in two years.

Ongoing declines to interest rates boosted refinance originations in the fourth quarter of 2025 while purchase-mortgage lending looks to have fallen as part of a seasonal trend.

The addition of Mr. Cooper Group’s portfolio in October more than doubled Rocket’s outstanding GSE servicing as the end of December, to $952.02 billion.

Outside of Rocket Companies, CrossCountry Mortgage was the most active MSR buyer in the fourth quarter of 2025.

Some 6,836 mortgage-related complaints were filed with the bureau between October and December, up 9.7% from the third quarter of 2025.