Primary MI volume in the agency MBS market increased at a faster pace at FHA and VA in the second quarter of 2026 compared with private MI usage with the GSEs.

Rising interest rates took a bite out of MBS and ABS issuance in May and June.

Lenders were a little more lenient about loan-to-value ratios on their deliveries to the GSEs during the second quarter of 2026.

Banks' share of deliveries to the government-sponsored enterprises rose from 25.9% in the first quarter to 27.4% in the second.

Rocket issued $41.35 billion of agency MBS in the April-June period, up 15.1% from the first quarter, with a surge in Ginnie loans.

The first-quarter tally was the highest quarterly issuance total for Ginnie since the fourth quarter of 2021.

The industry’s pipeline of loans held for sale was also reduced in the first quarter.

Changes in capital requirements could open the door to greater bank participation in the mortgage market though.

Seller repurchases of defective loans from the government-sponsored enterprises fell in the first quarter to their lowest level since 2020.

Pennymac was the largest correspondent lender in the conventional market in the first quarter, according to a new Inside Mortgage Trends ranking and analysis.