Fitch held on to the top ranking in ABS ratings through the first nine months of 2025. Kroll stretched its lead in RMBS ratings.

A gain in income from the production and sale of new single-family home loans helped cover a modest decline in servicing profitability in the third quarter.

At the end of November, the two government-sponsored enterprises held $104.56 billion of agency MBS in retained portfolios. That was up $31.99 billion from the end of September, a 44.1% increase.

Lender repurchases of GSE loans increased 19.8% from the second to the third quarter.

Recent buyback data suggest the 2024 vintage is one of the most pristine in modern GSE history, although repurchase volume was up in the third quarter of 2025. (Includes three data tables.)

Gain-on-sale margins improved in the third quarter, helping to offset a decline in net servicing income. (Includes data tables.)

Fannie and Freddie have upped their retained MBS holdings significantly in recent months, as have the Federal Home Loan Banks. Analysts expect money managers and insurance firms to remain key investors. (Includes two data tables.)

Holdings of MBS among REITs increased by 8.4% during the third quarter of 2025.

Annaly Capital Management remained the top REIT in MBS holdings, though several other shops expanded their portfolios at higher rates during the third quarter. The REIT industry added roughly $40 billion to its combined portfolio over the past year. (Includes two data tables.)

JPMorgan Chase’s trading account held the largest combined inventory of MBS, ABS and commercial MBS at the end of the third quarter, though the total was down slightly from June. (Includes two data tables.)