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.

During the fourth quarter of 2025, issuance of expanded-credit mortgage-backed securities declined on a quarterly basis for the first time in two years.

Ongoing declines to interest rates boosted refinance originations in the fourth quarter of 2025 while purchase-mortgage lending looks to have fallen as part of a seasonal trend.

The addition of Mr. Cooper Group’s portfolio in October more than doubled Rocket’s outstanding GSE servicing as the end of December, to $952.02 billion.

Outside of Rocket Companies, CrossCountry Mortgage was the most active MSR buyer in the fourth quarter of 2025.

Some 6,836 mortgage-related complaints were filed with the bureau between October and December, up 9.7% from the third quarter of 2025.

GSE purchase-mortgage business with private MI declined at about half the rate of the decline seen in FHA purchase-mortgage business in the fourth quarter of 2025.

Conforming jumbo business at the GSEs fell 14.4% on an annual basis to $31.85 billion in 2025.

VA refi issuance was the highest since the fourth quarter of 2021.

The biggest gain was in the expanded-credit mortgage sector, where new issuance jumped 74.5% from 2024 to $78.24 billion last year.