Latest News

Third-Party Origination Channels Gain Share in 2024
March 14, 2025
The broker share of originations has nearly doubled from where it was in 2017.
Pulte Confirmed as FHFA Director
March 14, 2025
Pulte said that any exit by the GSEs from conservatorship “must be carefully planned to ensure the safety and soundness of the housing market without putting upward pressures on mortgage rates.”
Santander Bank Drives Into Expanded-Credit MBS
March 14, 2025
The bank was the largest issuer of vehicle asset-backed securities in 2024.
Ellington’s Income Up With Focus on Non-Agency Mortgages
March 14, 2025
Ellington Financial signed a joint venture with an unnamed mortgage originator in the fourth quarter.

Earnings
TD Bank Drags Down Industry’s 4Q Mortgage-Banking Income
The industry’s most profitable mortgage-banking business during the fourth quarter was operated by Truist Bank. Meanwhile, TD Bank reported a huge $911.2 million loss related to the sale of mortgage loans. (Includes data table.)
Servicing
Banks Reduce SFO Portfolios in 4Q24; MSR Values Rise
While banks’ servicing-for-others balance declined in the fourth quarter of 2024, the industry put a higher valuation on the asset. Top-ranked JPMorgan Chase and Wells Fargo continued to reduce their portfolios. (Includes data table.)
Agency MBS
Agency Market Nosedives in February, Nonbanks Slump
Agency single-family business was down in February in almost every category, but 2025 so far is running ahead of last year’s pace. Ginnie reported a surge in modified-loan securitization. (Includes two data tables.)
Investors
Mortgage REIT MBS Holdings Drift Lower in 4Q24
Fourth-quarter declines in agency MBS portfolios at Annaly and AGNC were key to an overall downward drift in REIT MBS holdings. (Includes two data tables.)
Originations
Jumbo Share Ticks Up in 2024, Driven by Agencies
The market share for non-agency jumbos held steady in 2024 while agency high-balance business surged. Some $53.83 billion of mortgages with balances above the baseline conforming loan limit flowed through the agencies in 2024. (Includes three data tables.)
Federal Home Loan Banks
Profits Tick Down at the FHLBanks in Fourth Quarter
Overall FHLBank borrowing was down 4.8% from the third quarter, but most of that decline was concentrated among the largest members. Year over year, though, outstanding advances fell 16.8%. (Includes two data tables.)

Inside Mortgage Finance

Correspondent, Broker Share of Originations Up in 2024
The retail share of total first-lien originations declined to close to 50% in 2024. Brokers took share from the retail channel, led by United Wholesale Mortgage. (Includes six data tables.)
Rocket to Acquire Online Real Estate Company Redfin
Rocket Mortgage believes the $1.75 billion acquisition will boost its purchase origination volume and lower the cost of customer acquisitions. It will also add new data to Rocket’s artificial intelligence algorithm.
- No Consensus on Fed’s Path for Interest Rates in 2025
- Bill in Congress Would Limit VA Servicing Program
More Inside Mortgage Finance

Inside MBS & ABS

Bank CLO Holdings Decline, More Data on Loans to CLO
March 13, 2025
Bank holdings of structured finance securities backed by business loans declined slightly in the fourth quarter, although several institutions grew their portfolios. (Includes data table.)
Santander Bank Enters Expanded-Credit MBS Market
March 13, 2025
Santander Bank was the largest issuer of vehicle ABS in 2024. The bank’s non-agency MBS effort has the ability to commit $2.5 billion in capital.
BHC Trading Accounts Retreat From MBS/ABS
March 13, 2025
Bank holding companies sharply reduced their trading-account holdings of MBS and ABS in the fourth quarter. JPMorgan Chase and Citi recorded significant declines. (Includes two data tables.)
Credit Union Auto ABS Issuance Expected to Increase
March 13, 2025
The growth is expected to be driven by a few repeat issuers. Only three credit unions were repeat issuers in 2024.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Non-Agency Jumbo Lending Increases in Fourth Quarter
March 7, 2025
Jumbo originations increased by more than double digits from the third to the fourth quarter of 2024. On an annual basis, the jumbo share of total originations held steady. (Includes data table.)
Insurers Driving Non-Agency Whole-Loan Demand
March 7, 2025
Insurance companies are using whole-loan purchases to better define the credit box for originations.
Nonprime Servicing Volume Grows in Fourth Quarter
March 7, 2025
The total amount of nonprime servicing handled by a group of 20 specialists rose 2.2% from the end of the third quarter to the end of 2024. (Includes data table.)
Tight Underwriting Helps Drive DSCR Performance
March 7, 2025
Debt service coverage ratios are moving close to 1.0 but performance remains strong due to tight underwriting of borrowers.

More Inside Nonconforming Markets

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Inside Mortgage Trends

Nonbanks Win Big in 4Q24 MSR Valuation Sweepstakes
March 14, 2025
Mortgage-banking income reported by nonbank lenders nearly tripled in the fourth quarter to $3.86 billion. The gain came from massive markups of MSR values thanks to rising interest rates. (Includes data table.)
loanDepot Takes Loss in 4Q, Preps for Executive Shuffle
March 14, 2025
After achieving profitability in the third quarter, loanDepot returned to the red in the fourth quarter. And the CEO brought on to turn the nonbank’s fortunes around three years ago is departing, with company founder Anthony Hsieh taking a larger role.
Guild Selling More Servicing, Citing Investor Demand
March 14, 2025
With bids for MSRs remaining strong, Guild Mortgage sharply reduced the share of its mortgages originated with servicing retained in 2024.
Mortgage Repurchases by Banks and Thrifts Up in 4Q
March 14, 2025
For the full year, though, total bank repurchases declined to $1.02 billion, down 23.8% from 2023. (Includes data table.)

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Issuance Continues Tanking After November Peak
The Ginnie Mae market continued to retreat in February. Most securitizers lost volume and PennyMac retained its top spot despite a 29.4% decline in issuance volume. (Includes two data tables.)
FHA, VA Functioning Despite Dire Warnings
Sharp staff cuts at FHA, VA and Ginnie Mae could lead to major problems for mortgage lenders and borrowers, according to analysts. But for now it appears to be business as usual for originations and servicing.
FHA Servicing Under Pressure; VA Foreclosures Resume
Delinquencies on FHA mortgages are rising much more quickly than delinquencies on conventional mortgages, though large FHA servicers don’t appear to be too concerned. Meanwhile, VA foreclosures resumed in January after a moratorium ended.
FHA Issues Temporary Waiver on Flood Elevation
The requirements for new construction were established in a final rule issued in April 2024. The temporary waiver was prompted by executive orders from President Trump.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Nonbanks Win Big in 4Q24 MSR Valuation Sweepstakes
Mortgage-banking income reported by nonbank lenders nearly tripled in the fourth quarter to $3.86 billion. The gain came from massive markups of MSR values thanks to rising interest rates. (Includes data table.)
Inside Mortgage Finance
Correspondent, Broker Share of Originations Up in 2024
The retail share of total first-lien originations declined to close to 50% in 2024. Brokers took share from the retail channel, led by United Wholesale Mortgage. (Includes six data tables.)
Inside Nonconforming Markets
Non-Agency Jumbo Lending Increases in Fourth Quarter
Jumbo originations increased by more than double digits from the third to the fourth quarter of 2024. On an annual basis, the jumbo share of total originations held steady. (Includes data table.)
Inside MBS & ABS
Bank CLO Holdings Decline, More Data on Loans to CLO
Bank holdings of structured finance securities backed by business loans declined slightly in the fourth quarter, although several institutions grew their portfolios. (Includes data table.)
Inside the CFPB
CFPB Nominee McKernan Pledges to Uphold the Law
CFPB Director-nominee Jonathan McKernan at his confirmation hearing promised to perform the statutory functions of the bureau. But he didn’t directly respond to the question of whether he agrees with President Trump’s statement that it’s important to “get rid of” the bureau.
Inside The GSEs
Freddie Tops Fannie Again With MBS Volume in February
So far this year, 53.9% of GSE deliveries went to Freddie Mac compared to 44.7% in the first two months of 2024. (Includes two data tables.)
Inside FHA/VA Lending
Ginnie Issuance Continues Tanking After November Peak
The Ginnie Mae market continued to retreat in February. Most securitizers lost volume and PennyMac retained its top spot despite a 29.4% decline in issuance volume. (Includes two data tables.)

Inside The GSEs

Freddie Tops Fannie Again With MBS Volume in February
So far this year, 53.9% of GSE deliveries went to Freddie Mac compared to 44.7% in the first two months of 2024. (Includes two data tables.)
Pulte Confirmed as FHFA Director; Outlook Uncertain
Three Democrats joined Senate Republicans in a vote to make Bill Pulte, the grandson of the founder of homebuilding giant PulteGroup, the chief regulator of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
More Inside The GSEs

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?