The refi share of agency MBS issuance slid to 24.1% in July after accounting for 45.1% in March.

Overall residential servicing outstanding inched up by 0.8% during the second quarter.

FHA loss-mitigation removals more than doubled from $1.86 billion in the first quarter to $4.74 billion.

Loan balances up to $300,000 made up the largest cohort of spec-pool issuance, accounting for 9.0% of the transactions in the second quarter.

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.