Non-agency jumbos accounted for 13.8% of total first-lien originations in the first quarter of 2025, compared with an 11.1% share in the first quarter of 2024. Chase remained the top jumbo producer and Redwood Trust is gaining momentum. (Includes data table.)

Federal entities should take steps to boost the non-agency market, according to the MBA. Meanwhile, FHFA isn’t necessarily looking to shrink the GSEs’ footprint.

Jumbos contributed to the uptick in nonconforming lending during the reporting period.

Rating services disagree over the validity of a National Association of Insurance Commissioners report that highlighted differences in private ratings based on the size of the ratings provider.

Originations of nonconforming mortgages increased by 45.7% on an annual basis in the first quarter of 2025. Government-insured lending was up 13.5% and conventional-conforming activity treaded water. (Includes two data tables.)

Interest rates on mortgages are elevated, suppressing demand. Short periods of declines in interest rates have prompted surges in loan applications. The question remains: When will interest rates do down?

FHFA Director Bill Pulte plans to announce actions that will address the costs associated with credit scores. Mortgage trade groups are providing feedback, hoping to shape the effort.

FHFA Director Bill Pulte deferred to President Trump when asked if FHFA plans to revise capital requirements for Fannie Mae and Freddie Mac.

CHLA said FHFA could direct the GSEs to establish subsidiaries to evaluate the creditworthiness of borrowers.

“There are lots of risks to the downside if this is not done in a deliberate way,” said Libby Cantrill, a managing director and head of public policy at PIMCO.