When excluding a one-time jump in Capital One’s earnings, mortgage-banking earnings at banks and thrifts declined by 2.9% during the fourth quarter of 2025. Still, earnings for the full year improved compared with 2024. (Includes data table.)

UWM first made an unsolicited bid for Two Harbors in December 2024. Three other companies subsequently made formal bids for Two Harbors, with UWM prevailing in December 2025.

Servicing for others by banks declined by 0.6% during the fourth quarter of 2025. Meanwhile, the fair value of MSRs classified as serviced for others increased. (Includes data table.)

Servicers should prepare for an increase in foreclosure activity among first-time borrowers and those with lower reserves.

Onity takes $120.0 million deferred tax asset valuation allowance; income/employment defects rise; Sagent launches servicing platform; AI company rescinds link to Intercontinental Exchange.

Setting aside Rocket Mortgage’s acquisition of Mr. Cooper Group, bulk MSR sales increased during the fourth quarter, including $58.25 billion of acquisitions by CrossCountry Mortgage. (Includes three data tables.)

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.)

FDIC-insured banks saw their MSR portfolios shrink 1.0% during the third quarter as their valuations remained broadly unchanged. Chase continued to be the top depository in terms of servicing for others. (Includes data table.)

Pennymac asked the Financial Accounting Standards Board to clarify accounting practices involving mortgage servicing rights and recapture assumptions. The effort has support from some major MSR buyers who are looking for a level playing field.

AI and self-service options are increasingly being used to help servicers communicate with younger homeowners.