Bulk transfers of agency MSR declined in the second quarter, partly due to reduced demand for higher-coupon portfolios. While coissuance volume was up, it failed to match the gains in agency securitization of lightly seasoned mortgages. (Includes three data tables.)

Expanded-credit MBS issuance was up 25.4% from the first to the second quarter, while prime MBS saw a solid 12.6% gain. JPMorgan Chase ranked as the top issuer and underwriter of non-agency MBS. (Includes three data sets.)

Lakeview Loan Servicing remained the top agency servicer at midyear, including the largest portfolio of high-coupon MSR. Nonbanks continued to gain market share, as did Ginnie Mae. (Includes two data tables.)

Ginnie grew its outstanding single-family mortgage-backed securities faster than Fannie Mae and Freddie Mac, keeping up with a years-long trend.

ABS issuance fell in some sectors during the second reporting period of the year.

Refi activity was up 27.1% from the first quarter and purchase volume rose 19.1%.

Agency single-family MBS issuance was up solidly in the second quarter, but it remains to be seen whether the market can match the pace set over the last six months of 2024. Commercial MBS and ABS issuance faltered in the second quarter. (Includes three data tables.)

Credit trends remained strong as heavy refinancing activity helped boost agency business in the second quarter of 2025. The top sellers with significant TPO platforms continued to gain market share. (Includes two data tables.)

Kroll remained the biggest rating service in expanded-credit MBS with a 14.3% gain from the fourth quarter.

The boom in ABS backed by vehicle and business finance mostly helped the big-three rating services, but Kroll and Morningstar remained major players in rating non-agency MBS. (Includes two data tables.)