The GSEs were already quietly adding MBS to their portfolios before Trump directed them to purchase $200 billion more. Investors may now be paying a price for that intervention.

As a merged company, Rocket Mortgage and Mr. Cooper delivered more mortgages to Fannie Mae and Freddie Mac than any other company during the fourth quarter of 2025.

UWM, Rocket and Pennymac all sold fewer mortgages to the GSEs in November than in October. That contributed to a 1.3% monthly decline in GSE MBS issuance. (Includes two data tables.)

Several large lenders are offering discounts and promotions to drum up business during a slow time of the year.

Originations of non-agency jumbo mortgages declined by 6.4% during the third quarter of 2025. (Includes data table.)

Pennymac asked the Financial Accounting Standards Board to clarify accounting practices involving mortgage servicing rights and recapture assumptions. The effort has support from some major MSR buyers who are looking for a level playing field.

Refis totaled $22.84 billion in October, the highest volume since June 2022 and 31.7% of all GSE deliveries for the month. (Includes two data tables.)

Pennymac was the top issuer of prime non-agency MBS in the third quarter.

During the third quarter of 2025, Pennymac once again passed JPMorgan Chase as the largest contributor to prime non-agency mortgage-backed securities. (Includes three data tables.)

The company has expanded its issuance of non-agency MBS beyond GSE-eligible mortgages for non-owner-occupied properties, adding traditional GSE mortgages to the mix.