#secondary-mortgage-market

#secondary-mortgage-market

Many people successfully purchase homes while still carrying student debt. What matters most isn't whether you have debt, it's how well you manage it.

Monthly job growth averaged about 15,000 in 2025 and has risen to roughly 70,000 so far in 2026, although the data remains volatile and subject to revision.

If you are using this as a fixed income substitute, you're going to have some really mad clients if and when there is an actual bear market.

JPMorgan Chase's origination volume hit $13.7 billion in the first quarter, down 14% from the prior quarter and up 46% from the same period last year. Retail channels drove most of the production, accounting for 63.5% of the total. The bank's home lending revenues reached $1.23 billion in the first quarter, up 2% year over year.

Cash-out refinance volume rose 9% from February and 21% from March 2025, while rate-and-term refinance volume fell 34% month over month but remained more than 66% higher than a year ago.

Eric Ellman, president of the National Consumer Reporting Association (NCRA) said we learned from the 2008 housing crisis that more data is better than less data, especially when the financial stakes are so high. He added, The cost of being right for spending an extra $100 is so much stronger a case to make than the downside risk for a consumer who might lose thousands over the lifetime of a loan.

Refinance applications increased for the fourth straight week to the strongest pace since 2022, with conventional refinances up 20%. The increase in the average loan size for refinances indicates that more borrowers with larger loan sizes are seeking to lower their monthly payments.

The deal represents a defining milestone for the firm. It reflects not only the continued strength of the non-QM RMBS market, but also the confidence investors place in our platform and in AD non-QM mortgages as a premier asset class.

Investment and multifamily loans remained the highest-risk categories, according to the data. An estimated one in 43 investment property applications and one in 27 multifamily applications showed signs of fraud risk during the quarter, well above the broader industry average. The percentage ofrefinancesin the Cotality data set has increased year-over-year by19%, yetthe fraud index is up 1.5% over that time.

Original, or first-participation, HMBS production totaled $382 million in January, $90 million more than December's $292 million and $49 million above November's $333 million, but $24 million below January 2025. Tail issuance totaled $179 million, down from $189 million in December. The 72 pools included 23 original pools, 46 tail pools, and three mixed pools. January also saw 21 pools with aggregate sizes under $1 million, totaling $12.1 million in unpaid principal balance (UPB), enabled by a Ginnie Mae rule allowing small pools.

Cenlar has a subservicing platform with $740 billion in unpaid principal balance (UPB) and 2 million loans across 100 clients, generating about $460 million in revenue in 2025. But $307 billion in UPB will not transition to Pennymac because some clients mainly UWM are bringing their subservicing activities in house. Pennymac tied part of the acquisition cost $85 million in contingent consideration payable over three years to client retention.