Although most of the large banks reported substantial increases in mortgage-banking income, many mid-size institutions struggled in the third quarter. (Includes data table.)

The agency market is responding to the decline in mortgage rates since early September with rate-term refinance business doubling in October. ARMs and 15-year loans are also surging. (Includes two data tables.)

Big increases in securitization of mortgages on office properties, retail and lodging fueled a 30% increase in non-agency CMBS issuance in the third quarter. Agency multifamily MBS volume was up 4% from the second quarter. (Includes two data tables.)

The spec-pool share of new GSE MBS issuance hit 47.3% in the third quarter.

The biggest bulk transfer in 3Q25: Lakeview Loan Servicing’s purchase of $28.56 billion of MSR from UWM...

Some 36% of the third quarter’s $140.5 billion of bulk MSR transactions came from two big acquisitions by Lakeview Loan Servicing and Freedom Mortgage. UWM and AmeriHome were the respective sellers.

CLO reset transaction volume more than doubled from the second quarter to the third to account for 62% of total CLO issuance. New CLO issuance was running about 11% ahead of the pace set in the first nine months of 2024.

Issuance of specified-pool MBS in the third quarter was up 21.5% at Freddie Mac. The biggest increase was in pools of loans on New York properties.

The amount of agency servicing with coupons over 6.0% increased by 10.2% during the third quarter.

The securitization of vehicle loans and financing for a range of businesses powered an all-time record of $107.7 billion of ABS issuance during the third quarter. Carmakers dominated the issuer ranking. (Includes three data tables.)