Refi volume in agency MBS issuance declined by 46.3% on a quarterly basis.

Trade groups said aligning ROV policies across mortgage programs would be preferable.

The GSEs’ share of servicing topped out at 50.4% in March 2022 and has declined each quarter since then, through June 2026.

Ginnie guaranteed $49.44 billion of MBS in August, a 3.0% decline from July. Refinance volume declined 13.6% during the period, while purchase-mortgage volume held steady at 0.2%.

Purchase-mortgage business is running ahead of the levels seen in the first half of 2025.

Federal Housing Finance Agency Director Bill Pulte directed Fannie Mae and Freddie Mac to end support for special purpose credit programs earlier this year. But now other agencies are also ending authorization for the programs.

A rise in purchase-mortgage volume wasn't enough to offset declining refi activity.

Mark Acosta, chief servicing officer at Pennymac, said the nonbank’s proprietary servicing platform allowed the lender to implement the partial claim option quickly.

FHA mortgages continued to show the worst performance.

Ginnie will allow trial payment periods to count toward the agency’s seasoning requirements.