Kiavi originated more than $7.0 billion of loans in 2025, with a focus on short-term residential transition loans along with mortgages underwritten using debt service coverage ratios.

Applications increased by 10.8% on a weekly basis, including a 15% rise in requests for refinances.

Deal sizes have increased with each issuance, growing from $234.5 million for the first deal from Figure, in August, to $373.3 million with the new issuance.

“The existing home sales data reflects momentum that was building earlier this spring, when buyers briefly benefited from improved affordability and greater purchasing power,” said Kamini Lane, CEO and president of Coldwell Banker Realty.

The HELOCs were largely originated by United Wholesale Mortgage and HomeTrust Bank/Symmetry Lending.

Some $12.26 million of mortgages originated using VantageScore were included in GSE MBS issued in May.

Cash window acquisitions by the GSEs look to be cutting into the volume of production flowing to correspondent aggregators.

It's not clear how the GSEs are applying loan level price adjustments to mortgages underwritten with VantageScore.

“There needs to be more clarity on how the GSEs participate in this space,” said Barath Sankaran, a portfolio manager of mortgages at Loomis Sayles.

UWM is willing to revise the terms of its offer to acquire Two Harbors Investment.