Rating criteria for securitizations of residential transition loans has helped boost investor participation in the sector, according to officials at Morningstar DBRS.

Conforming jumbo business at the GSEs fell 14.4% on an annual basis to $31.85 billion in 2025.

The funding bill passed by the house for HUD in fiscal year 2026 avoids drastic cuts sought by the Trump administration.

Pending home sales declined by 3.0% on an annual basis in December.

The biggest gain was in the expanded-credit mortgage sector, where new issuance jumped 74.5% from 2024 to $78.24 billion last year.

Amit Siroya, managing director of residential investments, asset-based finance, at Barings, said RTL originations could slow in certain pockets that are seeing volatility in home prices.

Issuance of residential mortgage-backed securities increased by 13.8% on an annual basis, hitting $1.43 trillion in 2025.

“As part of those efforts, next week at Davos I’m going to provide much more detail about our housing policy so that every American who wants to own a home will be able to afford one,” President Trump said.

Issuers of non-agency MBS are in the market with expanded-credit, prime and closed-end second offerings.

United Wholesale Mortgage issued $145.24 billion of agency MBS in 2025.