Non-agency MBS issuance hit its highest level since the third quarter of 2007, largely because of surging production of the new generation of Alt A and subprime deals. JPMorgan Chase was the top issuer and top underwriter in the first quarter. (Includes three data tables.)

Depository institutions increased their share of the agency servicing market slightly in the first quarter of 2026 as a handful of banks bought GSE MSR in the bulk market. (Includes two data tables.)

Agency MBS issuance declined on a quarterly basis in the first quarter of 2026 while non-agency MBS issuance hit the highest level since the financial meltdown of 2007.

The residential MBS market could see slumping production as interest rates climb and the housing market softens. Non-mortgage ABS issuance started the year strong, while CMBS production declined. (Includes three data tables.)

S&P was the top ABS rating service in the fourth quarter and finished narrowly behind Fitch for all of 2025. Kroll held the top spot in MBS ratings for the year despite a strong challenge from Fitch. (Includes two data tables.)

Among 19 companies that report details on their mortgage-banking operations, production and secondary marketing income was up 10.5%, while servicing saw a 45.3% increase.

Pension funds and insurance companies are among the investor types that boosted their holdings of residential MBS during the fourth quarter of 2025.

GSE buybacks in 2025 were down 12.8% from 2024 and represented the lowest annual total since 2020.

Lenders repurchased just over $2 million in defective loans from GSE mortgage-backed securities in 2025, the lowest annual total since 2020. (Includes three data tables.)

Earnings reports from public companies showed gains in production-related and servicing income during the fourth quarter, but the broader MBA performance study found declines on both sides of the business. (Includes data tables.)