The pulse of agency mortgage originations - loan by loan
MBS Pivot blends loan-level data from Fannie Mae, Freddie Mac, and Ginnie Mae into a single, unified dashboard — updated monthly. Track volume, LTV, interest rates, credit scores, DTI, and more across every state, product type, and seller/issuer. Part of the Polygon Pulse suite.
app.polygonresearch.com · MBS Pivot · LTV by State
Avg LTV Ratio by State — Rate & Term Refinance Trailing 12 Months · Jan 2026
Agency originations · 720,308 loans · Hover any state for details
High >80%
Upper 76–80%
Lower 73–76%
Low <73%
Excl. territories (Guam, Puerto Rico, USVI) · Source: Polygon Research, MBS Pivot · Feb 2026
Total Loans720,308
Hover any state · Live sample from MBS Pivot · Data updates monthly
This interactive map shows average loan-to-value ratios by state for agency rate and term refinance originations — sourced from Fannie Mae, Freddie Mac, and Ginnie Mae loan-level data via MBS Pivot, part of the Polygon Pulse suite.
What is MBS Pivot
Every agency loan. One unified view.
Every month, Fannie Mae, Freddie Mac, and Ginnie Mae release loan-level data on their mortgage-backed securities. MBS Pivot ingests all three, normalizes them, and surfaces the signal — who is originating what, at what rate, LTV, and credit score.
Interactive. Filterable. No need to clean or pivot data in Excel.
Where Fannie and Freddie appear to overlap, the loan-level data tells a different story. MBS Pivot preserves that distinction.
Ginnie Mae Originations
FHA, VA, and USDA analyzed alongside GSE originations. The full agency picture, not just the conforming slice.
WHAT YOU CAN DO WITH MBS PIVOT
Your questions, answered in clicks
MBS Pivot is built around the questions mortgage professionals ask — not generic BI dashboards.
Agency Market Intelligence
Understand how loans are originated and priced across the agency market in one unified view. Compare and find patterns in each agency segment.
Analyze Any Loan Scenario
Filter across credit, LTV, DTI, product, occupancy, and geography. Answer precise questions about how specific loans are structured and priced.
Quantify Market Opportunity
Size segments like first-time homebuyers and targeted credit profiles. Understand where volume is — and where it’s growing.
Understand Pricing Distribution
Go beyond averages. Use matrix, scatterplots, maps, and distribution views to see where loans actually cluster across rate, credit, and LTV.
Compare Lenders and Strategies
Analyze how lenders operate. Explore seller/issuer activity, channel mix, and positioning across risk dimensions, borrower segments, and geography.
From Trends to Deep Analysis
Track market evolution over months, quarters, years, then drill down. Move from time-series trends to custom pivot analysis in one workflow.
WHO USES MBS PIVOT
Built for mortgage professionals
Analyze pricing, credit, and market trends across the agency market—without stitching together data.
Lenders & Originators
Am I pricing and positioning competitively?
Analyze how your rates, LTV, and credit mix compare to every lender in the market — by channel, state, and product. Monthly data means you're benchmarking against what's actually being originated now, not last year.
Capital Markets & Analysts
What is the market producing — and where is it heading?
Track credit box shifts, pricing trends, and geographic concentration across all three agencies — loan by loan, state by state, updated monthly. What's being originated today tells you where the market is going.
Credit Unions
Where are we winning — and where are we losing ground?
Analyze how your rates, LTV, and credit mix compare to every lender in the market — by channel, state, and product. Monthly data means you're benchmarking against what's actually being originated now, not last year.
Product & Strategy Teams
Which products are gaining share and why?
Monitor origination trends by loan purpose, ARM/FRM, loan type, property type, occupancy type, and borrower segment — monthly, back to 2019. Identify shifts in product mix as they happen, not after the fact.
"When I need to quickly evaluate a specific loan segment, I use Polygon Pulse. MBS Pivot’s loan-level originations data across all three agencies makes it easy to scope analysis to precise ranges—such as loans under $125,000—without friction."
Mike Eshelman
Principal Consultant | Next Percent, LLC
3 Agencies
1,400+ Lenders
Updated monthly
50 States + Territories
Trusted by lenders, investors, and consultants.
Part of Polygon Pulse
The mortgage market, fully connected
Polygon Pulse connects origination activity, borrower profiles, and economic fundamentals—so you can understand not just what’s happening, but why.
Start with MBS Pivot for the agency market. Then expand to FHA and consumer data for a complete view.
Agency origination intelligence across conventional and government channels. Monthly loan-level views of volume, executed rates, credit and leverage, lender activity, and geographic distribution.
FHA Pivot
Monthly FHA origination microdata down to ZIP code, including broker–lender relationships, channel dynamics, and lender concentration.
Monthly updates on population and household change—demographics, employment, income, and other fundamentals that shape housing demand and mortgage outcomes.
Yes. MBS Pivot tracks 1,400+ seller/issuers by origination volume, product mix, channel (retail, wholesale, correspondent), and geographic footprint. You can benchmark any lender against the market — including your own institution.
What is Polygon Pulse and how does MBS Pivot fit in?
Polygon Pulse is Polygon Research's suite for current mortgage market intelligence. It bundles MBS Pivot (agency conventional), FHA Pivot (government-backed), and CPS Pivot (consumer credit). Together they provide a complete, near-real-time view of the agency originations market.
Is there a free trial?
Yes — 7 days, credit card required, but you won't be charged until the trial ends. You get access to the dataset offset by one year, so you can evaluate the depth and granularity of the data against your actual analytical needs before committing.
What data sources does MBS Pivot use?
MBS Pivot ingests PMMS weekly data and monthly loan-level disclosures from all three major agencies: Fannie Mae, Freddie Mac, and Ginnie Mae. These are the same public datasets that underpin MBS securitization — normalized and unified for easy analysis.
What Insights Does Polygon Research Provide on First-Time Homebuyers (FTHBs)?
Polygon Research provides comprehensive, loan-level intelligence on First-Time Homebuyer (FTHB) activity across the U.S. mortgage market. Our platforms combine public mortgage, housing, and demographic data to help lenders, credit unions, policymakers, and analysts understand where first-time buyers are entering the market, how they are being served, and what barriers they face.
What Is a First-Time Homebuyer (FTHB)?
A First-Time Homebuyer (FTHB) is generally defined as a person who is purchasing a primary residence and has not owned a home in the past three years. However, the exact definition varies depending on the data source, program, or analytical framework being used. At Polygon Research, we use a data-driven, transparent definition that aligns with how first-time buyers actually appear in mortgage and housing market data.
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