Federal Reserve Bank of New York

Second-lien strategies and Non-QM products are helping originators unlock equity without forcing borrowers out of low-rate first mortgages

Household debt climbed in Q4 2025 as mortgage balances and delinquencies edged higher, highlighting emerging credit stress and renewed second-lien opportunity for originators heading into 2026

Borrowers pay down mortgage debt in December, shy away from buying new homes, analysis finds

"White-collar consumers" experiencing financial strain, compounded by ongoing slump in white-collar employment.

The average rejection rate for mortgage applications increased by 8.6 percentage points to 20.7% in 2024, well above the 2019 rate of 10.2%.

Mortgage originations for 4Q 2023 hit $394 billion.