Car manufacturers accounted for about half of the record $165 billion of vehicle ABS issued last year. The share of nonprime loans to car buyers was up slightly from 2024. (Includes three data tables.)

The biggest gain was in the expanded-credit mortgage sector, where new issuance jumped 74.5% from 2024 to $78.24 billion last year.

The last time a single company held more than $1.0 trillion of agency servicing was 2019, near the end of the reign of Wells Fargo atop the servicing market.

Last year’s issuance of expanded-credit MBS and home-equity securitizations reached their highest levels since 2007. Total non-agency MBS production was up 40% from 2024. (Includes three data files.)

The fastest-growing sector of the agency servicing market was the cohort with coupons of 5% to 6%, which was up 11.8% in the fourth quarter. MSR with rates above 6% surged to $2 trillion. (Includes two data tables.)

Issuance of residential mortgage-backed securities increased by 13.8% on an annual basis, hitting $1.43 trillion in 2025.

Issuance of agency mortgage-backed securities increased by 10.8% on an annual basis to $1.235 trillion in 2025.

Residential MBS, commercial MBS and non-mortgage ABS all posted significant gains in annual issuance in 2025. The agency MBS market got a big boost in the fourth quarter from refinance activity.

UWM finished as the top agency seller in 2025, with annual volume up 22.2% from the previous year. Like many companies, its fourth-quarter sales rose dramatically thanks to heavy refinance volume.

The overall supply of residential MBS outstanding rose 0.7% in the third quarter of 2025.