The delinquency rate grew more on FHA mortgages than on loans delivered to the GSEs or the VA.

Bayview acquired $28.91 billion in unpaid servicing principal balance during the quarter, a nearly 90% increase in bulk acquisitions compared with its activity in the first quarter.

In the first half of 2026, $120.88 billion of GSE purchase mortgages with private MI was securitized, a 4.5% increase from the first half of 2025.

Much of the decline was from activity with seasoned mortgages.

The nonbank increased its Ginnie servicing portfolio by $15.70 billion during the quarter, including $14.35 billion in FHA servicing.

Nonbanks held the rights to service 68.6% of outstanding servicing tied to agency MBS as of the end of June.

Primary MI volume in the agency MBS market increased at a faster pace at FHA and VA in the second quarter of 2026 compared with private MI usage with the GSEs.

Rising interest rates took a bite out of MBS and ABS issuance in May and June.

Lenders were a little more lenient about loan-to-value ratios on their deliveries to the GSEs during the second quarter of 2026.

Banks' share of deliveries to the government-sponsored enterprises rose from 25.9% in the first quarter to 27.4% in the second.