Annaly Capital Management remained the top REIT in MBS holdings, though several other shops expanded their portfolios at higher rates during the third quarter. The REIT industry added roughly $40 billion to its combined portfolio over the past year. (Includes two data tables.)

Some $13.26 billion of high-balance mortgages were included in agency MBS issued during the third quarter of 2025. Nine months into the year, agency high-balance sales were down somewhat on an annual basis, with the decline concentrated in sales to the GSEs. (Includes three data tables.)

The gain in November agency MBS issuance came from another rise in rate-term refinance securitization. United Wholesale Mortgage, Rocket and Pennymac remained the top three agency sellers despite declines in monthly volume. (Includes two data tables.)

Among the three origination channels, only broker production increased during the third quarter. The broker share of originations neared 20% again during the quarter. (Includes six data tables.)

Originations of non-agency jumbo mortgages declined by 6.4% during the third quarter of 2025. (Includes data table.)

The volume of jumbo mortgages that 30 major servicers handle declined by 0.6% during the third quarter of 2025. (Includes data table.)

The refinance share of VA loan endorsements shrank in the third quarter, despite falling interest rates. (Includes two data tables.)

TD Bank, the largest bank investor in ABS, increased its portfolio significantly in the third quarter, but most of its peers reported declines. (Includes two data tables.)

Lending was down slightly across products in the third quarter. UWM remained the largest conventional-conforming producer and moved into the top spot among originators of government-insured loans. (Includes two data tables.)

Despite lackluster new origination volume in the third quarter, most nonbanks reported solid gains in production-related income. Many of them needed it to offset sharp declines in servicing income. (Includes data table.)