Latest News

Conventional-Conforming Denial Rate Steady in 2024
May 14, 2025
Just under 14% of applications for conventional-conforming mortgages submitted in 2024 were denied.
Treasury Working Toward Reducing Regulations for Banks
May 14, 2025
The Treasury plans to coordinate de-regulation through the Financial Stability Oversight Council.
Bipartisan Support to Add Contingencies to Flood Assistance
May 14, 2025
Sen. Thom Tillis, R-NC, said little has materialized after decades of discussion of disaster mitigation.
Redwood Unit to Issue Securitization With Fix-and-Flip Loans
May 14, 2025
CoreVest has issued four similar deals, most recently a $300.0 million issuance in November.

Servicing
Servicing Growth Slows at Some Large Firms in 1Q
Mr. Cooper Group’s owned servicing volume took a downturn in the first quarter. Some large banks also continued to reduce their owned servicing.
CLO/CDO
Despite Huge Reset Volume, CLO Issuance Down in 1Q25
While new production of CLOs backed by broadly-syndicated loans and middle-market loans fell sharply in the first quarter, issuance of CRE deals increased significantly. Nearly two-thirds of CLO activity were reset transactions. (Includes two data tables.)
Mortgage Insurance
Mixed Trends in Primary MI Volume in First Quarter
In the purchase-mortgage market, private MIs lost some share compared with the fourth quarter of 2024. Though the private MI share was up compared with the first quarter of 2024. (Includes two data tables.)
Servicing
Largest GSE Servicers Lose Market Share in First Quarter
Chase Home Financial remained the largest GSE servicer with a portfolio of $589.62 billion at the end of March. But Mr. Cooper came in a close second. (Includes two data tables.)
Characteristics
GSE Refi Characteristics Shift in First Quarter
Refi business moved toward lower LTV ratios and lower credit scores in the first quarter. Characteristics for purchase mortgages held steady compared with the fourth quarter of 2024. (Includes two data tables.)
Performance
FHA Delinquencies Fall in 1Q, Remain Historically High
Total delinquencies on FHA loans in Ginnie Mae MBS dipped at the beginning of 2025 but remained high compared to previous years. (Includes four data tables.)

Inside Mortgage Finance

Private Mortgage Insurance Activity Slows in First Quarter
Fannie and Freddie MBS issuance with private MI declined 20.4% on a sequential basis during the first quarter of 2025. Leaders of private MIs attributed the first-quarter slowdown to affordability issues. (Includes three data tables.)
Demand for MSRs Expected to Remain Elevated
Prices for mortgage servicing rights remain strong as the supply of servicing for sale is declining and investors are hungry for more. MSRs tied to both low interest rates and high interest rates are being met with sustained demand.
- Pulte Downplays Odds of an End to GSE Conservatorships
- UWM Leaning on Organic Growth, Not Acquisitions
More Inside Mortgage Finance

Inside MBS & ABS

Hello Refi! Agency Market Springs to Life in April
May 8, 2025
A surge in refinance activity — especially rate-term transactions — provided much of the fuel for April’s 16% increase in agency single-family MBS. So far, 2025 is running 14% ahead of last year’s pace. (Includes two data tables.)
Ginnie Buydown Changes Tackle Just Tip of Iceberg
May 8, 2025
The agency moved to limit the volume of mortgages with buydowns flowing into its MBS program. The restrictions apply only to temporary buydowns, which are less concerning to investors than mortgages with a permanent buydown.
GSE Socials Most Sought-After MBS Story in 1Q25
May 8, 2025
With specified pools accounting for half of GSE single-family MBS issued in the first quarter, the most popular option was MBS with high social-mission scores. (Includes data table.)
Agency MBS Investors See Positive Signs on GSE Reform
May 8, 2025
The Trump administration appears unlikely in the near-term to work on ending the conservatorships of the GSEs. And any potential moves will aim to limit disruptions in the mortgage market, according to officials in the administration.

More Inside MBS & ABS

Poll

Inside Nonconforming Markets

Refis Boost Prime Non-Agency MBS in First Quarter
May 2, 2025
The volume of rate/term refis in prime non-agency MBS more than doubled compared with the fourth quarter of 2024. Still, purchase mortgages dominate issuance.
Redwood’s Jumbo Business Booming
May 2, 2025
Redwood Trust had a 73% increase in jumbo lock volume for the first quarter, helped by seasoned loans sold by banks.
SPS Retakes Lead Among Non-Agency MBS Servicers
May 2, 2025
Shellpoint Mortgage Servicing passed Newrez/Shellpoint with servicing tied to non-agency MBS issued in the first quarter. The bulk of SPS’ servicing is focused on expanded-credit mortgages.
Annaly Seeing Resilient Demand for Non-Agency MBS
May 2, 2025
Annaly started marketing an expanded-credit MBS last month just as President Trump announced new tariffs. The deal went through at a spread that likely wouldn’t have been achievable as recently as three years ago.

More Inside Nonconforming Markets

Videos

Inside Mortgage Trends

Banks Tread Water in 1Q25 Mortgage-Banking Income
May 9, 2025
Many banks reported sharp declines in mortgage originations — and income derived from it — in the first quarter of 2025. But gains from MSR hedging activity made up for the decline in production. (Includes data table.)
Sharp Differences in Outlook for Interest Rates
May 9, 2025
Economists at the MBA don’t think interest rates on mortgages will decline much this year. Economists at Fannie Mae project a sizeable drop.
Correspondent Footprint Grows in Agency Market
May 9, 2025
Correspondent aggregators increased their agency origination footprint in the first quarter of 2025, even as securitization volume fell by 22.6%. Purchase mortgages still dominated the market while credit quality remained stable. (Includes two data tables.)
AI Implementation Brings Complexities
May 9, 2025
New artificial intelligence technology provides both promise and complications for the mortgage industry.

More Inside Mortgage Trends

Inside FHA/VA Lending

Ginnie Mae Removals Slow in First Quarter as Payoffs Drop
Loan removals from Ginnie Mae MBS in the first quarter were driven by lower borrower payoffs. Meanwhile, loss-mitigation removals hit a three-year peak. (Includes two data tables.)
PennyMac Expects FHA Servicing Changes to Spur EBOs
The recent tightening of FHA loss-mitigation options will likely lead to more early loan buyouts, which PennyMac CEO David Spector sees, at the very least, as a net neutral development for the business.
VA Provides Some Clarity as The Curtain Falls on VASP
A week before the Department of Veterans Affairs closed the door on its Servicing Purchase program, it issued some guidance for uncertain servicers, but holes remained.
FHA Reverts Biden-Era Foreclosure-Sale Listing Policies
FHA has rescinded a pair of policies enacted in 2022 that were meant to give owner-occupants an upper hand in foreclosure sales over institutional investors.

More Inside FHA/VA Lending

Premium Newsletter Content

Inside Mortgage Trends
Banks Tread Water in 1Q25 Mortgage-Banking Income
Many banks reported sharp declines in mortgage originations — and income derived from it — in the first quarter of 2025. But gains from MSR hedging activity made up for the decline in production. (Includes data table.)
Inside Mortgage Finance
Private Mortgage Insurance Activity Slows in First Quarter
Fannie and Freddie MBS issuance with private MI declined 20.4% on a sequential basis during the first quarter of 2025. Leaders of private MIs attributed the first-quarter slowdown to affordability issues. (Includes three data tables.)
Inside Nonconforming Markets
Refis Boost Prime Non-Agency MBS in First Quarter
The volume of rate/term refis in prime non-agency MBS more than doubled compared with the fourth quarter of 2024. Still, purchase mortgages dominate issuance.
Inside MBS & ABS
Hello Refi! Agency Market Springs to Life in April
A surge in refinance activity — especially rate-term transactions — provided much of the fuel for April’s 16% increase in agency single-family MBS. So far, 2025 is running 14% ahead of last year’s pace. (Includes two data tables.)
Inside the CFPB
CFPB Nominee McKernan Picked for Treasury Role
President Trump plans to nominate Jonathan McKernan as undersecretary of domestic finance at the Department of the Treasury. The news comes as a surprise as McKernan was slated to be the next director of the CFPB.
Inside The GSEs
GSE Sales Show Signs of Spring in April
Mortgage loan acquisitions by Fannie Mae and Freddie Mac accelerated in April, driven in part by a jump in refinance lending. (Includes two data tables.)
Inside FHA/VA Lending
Ginnie Mae Removals Slow in First Quarter as Payoffs Drop
Loan removals from Ginnie Mae MBS in the first quarter were driven by lower borrower payoffs. Meanwhile, loss-mitigation removals hit a three-year peak. (Includes two data tables.)

Inside The GSEs

GSE Sales Show Signs of Spring in April
Mortgage loan acquisitions by Fannie Mae and Freddie Mac accelerated in April, driven in part by a jump in refinance lending. (Includes two data tables.)
GSE Profits Begin to Ebb in First Quarter
Freddie’s guarantee book of business rose from $3.104 trillion at the end of 2024 to $3.115 trillion as of the end of March. Fannie’s fell from $3.622 trillion to $3.610 trillion. (Includes data table.)
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?