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

Private MIs and the two major government programs provided primary coverage on $74.80 billion of refinance loans, more than double the volume in the third quarter.

Issuance of Ginnie Mae mortgage-backed securities increased by 3.5% on a monthly basis in January.

The portfolios include both MBS and mortgages, with MBS holdings at Fannie Mae and Freddie Mac up nearly 60% on a quarterly basis in the fourth quarter of 2025.

The increase in issuance occurred across several categories, including a 79.2% surge in volume tied to loans eligible for sale to the government-sponsored enterprises.

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.