Much of the swing was tied to increases in salaries, commissions and team member benefits along with general and administrative expenses.

“We, like any business, must eliminate positions that are not core, or otherwise, to mortgages and new home sales,” FHFA Director and Fannie Mae Chair Bill Pulte said of the GSE.

Non-agency MBS issuance is up sharply this year and is expected to rise again in 2026. Delinquencies on the loans are increasing but investors are counting on cushions from home equity to help prevent losses.

SEC is looking to revise disclosure requirements to boost issuance of publicly-registered deals. Investors see some positives in private placements, which might not be easy to replicate in the public market.

Among the largest servicers, nonbanks increased their portfolios of owned servicing during the third quarter of 2025 and owned servicing at banks continued to decline. Rocket is poised to overtake Chase as the largest firm in terms of owned mortgage servicing. (Includes three data tables.)

Lending to nonbanks is under scrutiny due to some recent performance issues outside of the residential mortgage market.

The total delinquency rate on FHA loans in Ginnie MBS hit 10.90% at the end of September, up 51 bps from the end of June.

The Mortgage Bankers Association is projecting a 25-bp rate cut by the Fed in December and another in the first quarter of 2026.

The lender's gain-on-sale margin declined from 1.22% in the second quarter to 1.14% in the third quarter.

Freddie Mac's income increased by 16.2% on a quarterly basis in the third quarter of 2025.