Issuance declined by 17.8% compared with the first quarter.

In the second quarter, servicing clearly changed things at United Wholesale and Rocket Mortgage.

One source told us: “The supply/demand for warehouse credit is out of whack,” but added: “This happens at times”

Private MI covered 16.4% of new mortgage production in the second quarter.

Newrez once again overtook Select Portfolio Servicing during the second quarter of 2025 in terms of new servicing tied to non-agency MBS.

The flow of refinances declined 21.5% on a monthly basis to $8.90 billion in July.

Among the top 10 agency MBS issuers in July, just one was owned by a federally insured depository: Amerihome.

Key point: Although 30-day lates make up 2.1% of all mortgages, 38% of that is comprised of FHA mortgages.

Some $54.47 billion of FHA purchase mortgages were included in Ginnie Mae mortgage-backed securities issued in the second quarter, up 28.9% from the previous quarter.

Servicing was the only mortgage category to see a quarterly drop in complaints.