April issuance was the highest monthly total since June 2022, when the market was coming down from the euphoria of the COVID-19 rally.

Rocket and Pennymac reduced their portfolios during the first quarter.

Fannie added MBS at a fast pace and Freddie reduced its whole-loan holdings.

Bayview handled a $436.71 billion Ginnie portfolio as of the end of March, up 1.5% from the end of 2025.

On average, loan-to-value ratios and debt-to-income ratios are much higher for GSE purchase mortgages with private MI compared with loans that don’t carry MI.

The main difference in 2026 was that later-stage delinquencies increased.

Increases were recorded across all four complaint categories, covering both servicing and originations.

According to a new analysis by Inside The GSEs, depositories serviced 38.2% of the loans in Fannie Mae and Freddie Mac mortgage-backed securities at the end of the first quarter of 2026, up from a 38.0% share at the end of 2025.

A total of $69.89 billion of non-agency MBS came to market in the first three months of the year, a 34.8% increase from the fourth quarter.

A new Inside Mortgage Trends analysis showed a total of $164.28 billion of agency MSR changed hands in the first three months of the new year, down 84.1% from the prior quarter.