A fair amount of the shift in share to the retail channel was due to a decline in production at United Wholesale Mortgage.

“The companies most at risk tend to be those with limited scale, very narrow product offerings or really weak capital positions,” Norah Zhang, an assistant vice president in the financial institutions group at Moody’s Ratings, said.

Large lenders are flocking to deploy VantageScore 4.0, but others are being more cautious due to shifting GSE guidelines. There’s also uncertainty for investors in MBS and MSRs.

Demand from MBS investors for non-agency mortgages diminished during the second quarter of 2026 as interest rates increased.

Trade groups said aligning ROV policies across mortgage programs would be preferable.

Nonbanks had a 66.3% share of originations in the first half of 2026.

Rate-term refinance locks dropped 20.3%.

At most, 3.5% of mortgage borrowers in recent years opted for a lender they found via a trigger lead, according to estimates by the Government Accountability Office.

UWM will take results from automated underwriting systems for determining borrower eligibility for agency mortgages.

Fannie Mae is starting to pull away from Freddie Mac with issuance of credit risk transfer transactions this year.