Mr. Cooper announces layoffs following merger; KBRA believes UWM and Two Harbors deal will be strategically favorable; Investor increasing land purchases for areas impacted by California wildfires; Flushing Financial to merge with OceanFirst Financial.

Refis totaled $22.84 billion in October, the highest volume since June 2022 and 31.7% of all GSE deliveries for the month. (Includes two data tables.)

If the merger of Rocket Mortgage and Mr. Cooper had been completed in time to include third-quarter numbers, the resulting company would have had a GSE servicing portfolio approaching $1.0 trillion.

Rick Calle previously held the position from 2016 to 2022.

While market share of small- and mid-sized nonbank lenders grew, there was some leakage at the large nonbank lenders. Large mortgage companies’ market share fell sequentially to 53.8% from 56.1%. (Includes two data tables.)

Even as loan deliveries to Fannie Mae and Freddie Mac increase, the two entities continue to lose business to Ginnie Mae issuers. (Includes two data tables.)

FHFA established a new policy — that no GSE servicer should have a market share exceeding 20% — when it authorized Fannie and Freddie to continue doing business with the combined entity that will be formed following Rocket Companies’ planned acquisition of Mr. Cooper Group.

Regulatory approval of the merged company creates the second-largest GSE seller and by far the largest GSE servicer.

The regulator, though, says no market participant can account for more than 20% of the GSEs' servicing market.

Single-family mortgage securitization by the GSEs declined by 9.7% on a monthly basis in July, with refinance business down sharply. (Includes two data tables.)