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On January 9, 2026, Commercial Mortgage Alert (CMA) published an article “Berkadia Repeats Atop Agency Ranking” based on loans in structured agency CMBS. When single-family securitizations are included, “According to separate data from Recursion Co., Walker & Dunlop continued its dominance among Fannie lenders. Freddie Mac has been gravitating toward Fannie’s model through its use of single-loan securities called multifamily participation certificates, or Multi PCs. JLL was the top originator of loans backing those deals.”  Recursion is proud to be recognized as the premier provider of agency MBS data across the mortgage ecosystem.
Recursion Data Cited in Ad-Co Study of the Impact of Moving Away from the Tri-Merge Standard2/23/2026
On February 19, researchers at Andrew Davidson & Co., Inc. (AD&Co) released a paper entitled “The Impact of Moving Away From The Tri-Merge Standard” in which they examined the potential impact of moving from this standard for determining which credit score to apply to a borrower, to a bi-merge or single-score standard. Using Recursion data, the researchers demonstrate that moving away from a tri-merge score raises the risk of higher up-front fees, or in the case of low-score borrowers, raises the risk of credit denial.  Recursion is always pleased to contribute the industry’s most reliable data and trusted analytic tools to top researchers to enhance the discussion of policy issues of importance across the mortgage landscape.
On January 9, 2026, Commercial Mortgage Alert (CMA) published an article “Berkadia Repeats Atop Agency Ranking” based on loans in structured agency CMBS. When single-family securitizations are included, “According to separate data from Recursion Co., Walker & Dunlop continued its dominance among Fannie lenders. Freddie Mac has been gravitating toward Fannie’s model through its use of single-loan securities called multifamily participation certificates, or Multi PCs. JLL was the top originator of loans backing those deals.”  Recursion is proud to be recognized as the premier provider of agency MBS data across the mortgage ecosystem.
On November 17, 2025, Commercial Mortgage Alert published an article called “Bids Weighed for Rare Fannie License Trade”. Mechanics Bank took over HomeStreet Bank last September and as part of the transaction gained an underwriting and servicing license for Fannie Mae DUS loans along with a servicing book of $500 million. Mechanics Bank has placed the licenses and servicing book up for sale. The article goes on to say that “HomeStreet Bank has originated $1.03 billion of Fannie loans since 2020, including a few recent loans written by Mechanics, according to Recursion Co. Last year, HomeStreet wrote $112.1 million of Fannie loans, placing it No. 24 out of 28 among such originators.”  Recursion is pleased to be seen as a reliable information source for discussing key developments in the mortgage markets.
On January 10, Commercial Mortgage Alert (CMA) published a story called “Berkadia Nabs Agency CMBS Crown” which cites Recursion data. Overall, Fannie Mae originations rose by 3.5% from 2023, while Freddie Mae multi-PC volumes jumped by 43.6%. Berkadia topped the lists for both categories. The challenging market conditions are resulting in volatility in volumes and shares for individual lenders based on their individual strategies. In order to assess their own performance, market participants require detailed information about volumes being generated by the entire group of originators down to the individual loan level, the sort of information available via Recursion Multifamily data.  Recursion data was utilized in a story entitled “Fannie, Freddie Loan Requests Surging” published by Commercial Mortgage Alert on September 13, 2024. The story reports that the GSEs have recently received a “flood” of loan applications, which could indicate that CMBS production could pick up in the last half of 2024 after a lackluster start to the year. The story states “In the eight months through August, Fannie purchased $27.8 billion of multifamily mortgages, down 22% from the prior-year period, according to data from Recursion Co.” Recursion is pleased to be a trusted source for information utilized by key public and private-sector decision-makers in the mortgage industry ecosystem.  On August 9, 2024, Commercial Mortgage Alert (CMA) published an article discussing the impact of a policy change instituted by Fannie Mae in late June that requires a 50-50 split on all yield spread premiums with originators, removing a threshold of $100,000 previously in place. According to CMA, “In the five weeks through Aug. 2, the agency saw a 47.7% year-over-year decrease, to $157.2 million, in the issuance of multifamily loans with sub-$5 million balances. That compares to a 13.7% drop across all Fannie loans, according to data from Recursion Co.” We are proud to be an essential source of information to market participants on these important policy issues.  On June 5, Housing Wire published an article, “Analysis: Loan repurchase patterns at Fannie, Freddie are divergent” which discussed the declining rate of repurchases on the part of Fannie Mae and Freddie Mac. “A review of the same agency loan-level data by mortgage-analytics firm Recursion shows that Freddie Mac’s repurchase-loan count, as of the first quarter of 2022, stood at about 2,500 loans, compared to about 1,500 repurchased loans for Fannie Mae. As of the fourth quarter of last year, however, that gap had all but disappeared, with each agency repurchasing about 1,000 loans each. “[Freddie] has come way down [in its loan-repurchase count], and now they’re about the same [as Fannie], and that’s really interesting,” said Richard Koss, chief research officer at Recursion.”  Recursion is always pleased to see its data utilized to shed light on important industry developments.
https://www.housingwire.com/articles/analysis-loan-repurchase-patterns-at-fannie-freddie-are-divergent/ (paywall) |
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