A fair amount of the shift in share to the retail channel was due to a decline in production at United Wholesale Mortgage.

Demand from MBS investors for non-agency mortgages diminished during the second quarter of 2026 as interest rates increased.

Some $10.016 trillion of residential MBS was outstanding as of the end of June, a first for the market.

Most of the second-quarter buybacks involved loans delivered into mortgage-backed securities issued in 2025.

Originations of home equity loans remain concentrated on HELOCs, which accounted for 80.5% of originations in the first half of this year.

The ARM share of first-lien originations increased to 16.8% from 15.0% in the first quarter.

Holdings declined by 2.8% during the second quarter of 2026.

The GSEs’ share of servicing topped out at 50.4% in March 2022 and has declined each quarter since then, through June 2026.

“The disruption created by industry consolidation among subservicers continues to create opportunities,” said Glen Messina, chair, president and CEO of Onity Group, which has a subservicing unit.

Servicing profits dropped even more than production income on a percentage basis.