The sharpest increase in the use of securitization was in the expanded-credit mortgage market.

A total of $545.80 billion of non-agency MBS backed by single-family mortgages was outstanding at the end of March.

Ginnie Mae’s share of total residential servicing outstanding increased to 18.5% as of the end of March.

Loans with balances above the baseline conforming loan limit accounted for 16.4% of total originations in the first quarter of 2026.

The decline in issuance was driven by refinances, with refi volume off 16.8% on a monthly basis.

The agencies securitized $30.31 billion of rate-term refis in May, a 32.6% decline from April.

Overall, refinance business was down compared with the fourth quarter of 2025, though FHA refi volume increased by 6.1% due to FHA-to-FHA refi activity.

The lender saves 5 basis points per loan on average using eNotes.

The spread between conventional loans and FHA and VA loans last quarter were at their widest margins since 2021, according to the Mortgage Bankers Association’s National Delinquency Survey.

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