The FHA/VA share of primary MI volume increased from 60.5% of activity in the fourth quarter of 2024 to 63.8% in the first quarter of 2025.

A heavy load of maturing commercial real estate loans is expected to boost non-agency CMBS production in 2025, and first-quarter issuance suggests the market is up to the challenge. Agency multifamily MBS got off to a slow start, as usual. (Includes two data tables.)

Originations of home loans with some form of primary mortgage insurance fell across the board in the first quarter, but the FHA and VA gained share as the private MIs saw the biggest declines. (Includes four data tables.)

April’s gain came mostly from a 32.2% jump in securitization of refinance loans.

Spec pools accounted for more than half of GSE single-family MBS issuance in early 2025.

Servicing income helped cover for a decline in production income.

Many banks reported sharp declines in mortgage originations — and income derived from it — in the first quarter of 2025. But gains from MSR hedging activity made up for the decline in production. (Includes data table.)

A surge in refinance activity — especially rate-term transactions — provided much of the fuel for April’s 16% increase in agency single-family MBS. So far, 2025 is running 14% ahead of last year’s pace. (Includes two data tables.)

With specified pools accounting for half of GSE single-family MBS issued in the first quarter, the most popular option was MBS with high social-mission scores. (Includes data table.)

While new production of CLOs backed by broadly-syndicated loans and middle-market loans fell sharply in the first quarter, issuance of CRE deals increased significantly. Nearly two-thirds of CLO activity were reset transactions. (Includes two data tables.)