The retail channel accounted for 51.3% of first-lien mortgage originations in 2025, up from 50.6% in 2024, according to a new analysis by Inside Mortgage Finance.

The correspondent share of mortgage originations shrank in 2025, with retail picking up most of the slack. Both channels remained well ahead of the wholesale channel. (Includes six data tables.)

The GSEs started issuing credit risk transfer transactions in 2013.

Refi guarantees in the Department of Veterans Affairs’ home loan program more than doubled during the fourth quarter.

Securitization volume of home equity loans increased by 5.8% on a sequential basis to $10.62 billion in the fourth quarter of 2025.

Some $401.0 billion of nonconforming mortgages were originated in 2025.

Banks had $2.82 trillion of servicing for others at the end of 2025, down 0.6% from the end of September.

According to Inside Mortgage Finance’s Large Servicer Delinquency Index, the overall delinquency rate increased by 46.6 basis points from the end of September, hitting 3.29% at the end of 2025.

Over the past two years, there have been four quarterly declines and four increases in bank holdings of residential MBS.

The fourth-quarter total was skewed by Capital One, which reported $484.8 million in mortgage-banking income in the quarter.