The two largest bank ABS investors, TD Bank and Bank of America, accounted for virtually all of the industry’s fourth-quarter growth in non-mortgage ABS. (Includes two data tables.)

Most mortgage REITs took advantage of strong MBS fundamentals to increase their agency holdings in the fourth quarter. While some REITs are drawn to the surging non-QM sector, industry holdings of non-agency MBS fell last year. (Includes two data tables.)

Both purchase-mortgage volume and refinances declined on a monthly basis in February.

Earnings slipped by 6.6% on an annual basis in 2025 among 11 publicly traded nonbank mortgage companies.

Most nonbanks reported bigger gains in lending volume in the fourth quarter of 2025 than in production income. MSR valuations continued to drive servicing income lower. (Includes data table.)

Secondary-market sales of agency loans followed seasonal patterns last month. Although purchase-mortgage volume saw the biggest decline, the sector still accounted for 55.8% of agency issuance last month. (Includes two data tables.)

Despite drifting slightly lower at yearend, bank holding companies in 2025 increased the volume of MBS and ABS held in trading accounts. (Includes two data tables.)

Over the past two years, there have been four quarterly declines and four increases in bank holdings of residential MBS.

Private MIs and the two major government programs provided primary coverage on $74.80 billion of refinance loans, more than double the volume in the third quarter.

The top four bank investors in residential MBS reported a combined $16.5 billion decline in their portfolios during the fourth quarter, with most of the drop coming in GSE pass-throughs. (Includes two data tables.)