The first-quarter CMBS market was a tough act to follow, and non-agency securitization fell off sharply in the April-June cycle. Multifamily was a bright spot, including a big increase in Fannie issuance. (Includes two data tables.)

The volume of new mortgage originations with some form of primary MI coverage rose 25.5% from the first to the second quarter, with private MIs posting bigger gains than FHA and VA. (Includes four data tables.)

Among the top 10 agency MBS issuers in July, just one was owned by a federally insured depository: Amerihome.

A shot of lower mortgage rates would help a sagging agency MBS market as July saw declines in both purchase-mortgage and refinance activity. ARMs are having a moment. (Includes two data tables.)

A key factor for some banks appeared to be a sharp decline in provisioning for credit losses.

Production-related income rose smartly for most banks in the second quarter of 2025 but generally didn’t keep pace with higher originations volume. Results were mixed on the servicing side. (Includes data table.)

CLO restructuring and refinance activity fell significantly in the second quarter from the booming levels of the previous six months, but new issuance saw strong growth. (Includes data tables.)

Much of the downturn was in pools with high concentrations of loans that accomplish GSE missions and other social goals.

Despite big declines in securitization of auto loans and equipment financing, several other ABS categories saw increased issuance in the second quarter. (Includes three data tables.)

While issuance of specified pools with high GSE mission-density scores declined in the second quarter, there was a significant increase in pools with FICO scores below 700. (Includes data table.)