The volume of loans with primary insurance coverage flowing into agency mortgage-backed securities declined during the first quarter of 2026. FHA refinances in agency MBS issuance were up 8.0%. (Includes two data tables.)

Banks and thrifts decreased the amount of mortgage servicing they handle for other entities in the first quarter. Meanwhile, valuations for the servicing asset increased for the third straight quarter. (Includes data table.)

Denial rates declined slightly last year even as more applicants flocked to get a mortgage. (Includes data table.)

Rate emerged as the top correspondent seller in 2025, delivering $18.58 billion of mortgages to unaffiliated non-agency buyers, a sharp 36.4% increase on an annual basis. (Includes data table.)

The improvement in mortgage performance seen in early 2026 was weaker than in the first quarter of the prior two years. Much of the difference was due to an increase in loans 120+ days delinquent, with particular issues involving FHA mortgages. (Includes two data tables.)

The rise in home equity lending by nonbanks is driving increased use of artificial intelligence in the appraisal process.

Repurchase and indemnification activity at banks and thrifts declined by 10.9% from the third to the fourth quarter of 2025. Though for the full year, repurchases increased by 4.8% compared with 2024. (Includes data table.)

The total delinquency rate on loans in agency MBS reached 3.71% at the end of 2025. The last time delinquencies were at that level was early 2021 as the market was recovering from the impact of the pandemic. (Includes data table.)

Gain-on-sale margins improved in the third quarter, helping to offset a decline in net servicing income. (Includes data tables.)

SoFi Bank posted an 18.2% quarterly increase in retail lending in the third quarter, while the market as a whole contracted. The bank is looking to cross-sell mortgages to its customers. (Includes two data tables.)