Correspondent lenders lost market share to wholesale-brokers in agency securitizations as refinances made a strong comeback in the fourth quarter of 2025. Credit quality improved across the board. (Includes two data tables.)

Correspondents upped their share significantly in the government-insured market, while brokers took a bigger bite of nonconforming lending.

Wholesale-brokers and correspondent aggregators increased their market share in all three major product categories. Retail continued to lead conventional-conforming lending. (Includes two data tables.)

FDIC-insured banks saw their MSR portfolios shrink 1.0% during the third quarter as their valuations remained broadly unchanged. Chase continued to be the top depository in terms of servicing for others. (Includes data table.)

Most of the gain came at the cost of the correspondent channel.

Agency securitizations rose slightly in the third quarter thanks to increased deliveries of retail loans. Credit quality improved very slightly. (Includes two data tables.)

Retail lenders gained the most ground in the nonconforming market.

Retail lenders gained market share in the second quarter, mostly at the expense of correspondent aggregators. Brokers lost some ground mainly because production didn’t grow quite as fast as the market overall. (Includes two data tables.)

The retail segment, with a market share of 42.7%, maintained a narrow lead ahead of correspondents in the second quarter.

The retail channel lost some market share in agency securitizations but maintained a narrow lead over the correspondent channel in the second quarter of 2025. Credit quality weakened while the average loan size reached a new peak. (Includes two data tables.)