Pennymac was the largest correspondent lender in the conventional market in the first quarter, according to a new Inside Mortgage Trends ranking and analysis.

Rocket and a number of other nonbanks have added home equity loans to their product offerings in recent years after refinance activity slowed.

The ARM share of first-lien originations also declined somewhat, as interest rate trends in the first two months of the first quarter made fixed-rate mortgages somewhat more attractive than ARMs.

A total of $545.80 billion of non-agency MBS backed by single-family mortgages was outstanding at the end of March.

Chase remained the largest warehouse provider as of the end of the March, while losing some market share.

Mutual of Omaha Mortgage and Finance of America Mortgage, the top two lenders in the sector, lost some market share in the first quarter.

Annaly was the top producer of nonconforming loans through the correspondent channel among the survey group, increasing its production by 9.9% to $5.08 billion.

Ginnie Mae’s share of total residential servicing outstanding increased to 18.5% as of the end of March.

Rocket Mortgage and Cenlar remained the largest subservicers — by far, as of the end of March, though the firms ranked third and fourth gained some ground during the first quarter of 2026.

AGNC Investment passed Annaly Capital Management during the first quarter of 2026 as the largest real estate investment trust in terms of holdings of MBS.