Wholesale and retail lenders expanded their mortgage production more than correspondent aggregators in the origination boomlet that took shape during the final quarter of 2025. (Includes two data tables.)

The lender’s gain-on-sale margin increased from 1.14% in the third quarter to 1.50% in the fourth quarter, with a rise in originations to boot. Leaders at the company cautioned that some lenders are gaining market share at the expense of earnings.

Correspondent lenders lost market share to wholesale-brokers in agency securitizations as refinances made a strong comeback in the fourth quarter of 2025. Credit quality improved across the board. (Includes two data tables.)