The top three issuers of Ginnie MBS in 1Q25: PennyMac, UWM and Freedom Mortgage.

Meanwhile, investors aren’t necessarily fleeing into the safety of the government bond market.

At last check, UWM had at least two subservicers.

Issuance in the first quarter of 2025 declined compared with the fourth quarter of 2024. However, issuance was above the level seen in the first quarter of 2024.

Mortgage warehouse commitment levels increased 22.0%.

The turnaround in servicing profitability was driven by markups in the value of mortgage servicing rights net of hedging efforts.

For the full year, seller repurchases and indemnifications totaled $2.41 billion.

The bulk of home equity lending remains in HELOCs by banks.

Correspondent production made up 46.1% of the group’s government-insured volume in the fourth quarter.

The rate of growth for non-agency MBS outstanding in 2024 was four times that of the growth in agency MBS.