During the third quarter of 2025, Pennymac once again passed JPMorgan Chase as the largest contributor to prime non-agency mortgage-backed securities. (Includes three data tables.)
Big increases in securitization of mortgages on office properties, retail and lodging fueled a 30% increase in non-agency CMBS issuance in the third quarter. Agency multifamily MBS volume was up 4% from the second quarter. (Includes two data tables.)
Among the largest servicers, nonbanks increased their portfolios of owned servicing during the third quarter of 2025 and owned servicing at banks continued to decline. Rocket is poised to overtake Chase as the largest firm in terms of owned mortgage servicing. (Includes three data tables.)
Some 36% of the third quarter’s $140.5 billion of bulk MSR transactions came from two big acquisitions by Lakeview Loan Servicing and Freedom Mortgage. UWM and AmeriHome were the respective sellers.
CLO reset transaction volume more than doubled from the second quarter to the third to account for 62% of total CLO issuance. New CLO issuance was running about 11% ahead of the pace set in the first nine months of 2024.
Originations of first-lien mortgages declined by 2.0% on a quarterly basis to an estimated $485.0 billion in the third quarter. Nine months into the year, lending was up 10.8% on an annual basis.
Some 10.90% of FHA loans in Ginnie Mae MBS pools were delinquent at the end of September, up 51 basis points from the end of June. The delinquency reading on the VA side rose 9 bps to 4.37%. (Includes data table.)
Expanded-credit MBS and securitizations of home equity loans helped push issuance of non-agency MBS in the third quarter of 2025 to a level last seen in 2007. (Includes three data tables.)
Agency refinance business slowed significantly in the third quarter, and the market seemed to turn in September as purchase-mortgage volume also declined. (Includes two data tables.)
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