The REIT believes the best opportunities are in business-purpose lending. But higher rates and tighter underwriting will slow originations.

The losses were driven by negative asset marks and impairment of assets related to its soon-to-be-shut mortgage originations business.

Private mortgage insurers expect a boost in business from pricing changes in the conventional market. But an FHA mortgage insurance premium cut, expected sometime in the next several months, could swing business back to the government-insured market.

The biggest decline was in non-agency CMBS, where issuance tumbled 30.2%.

Comments on proposed changes to Interest Rate Reduction Refinance Loans are due Jan. 3.

Among originators, CrossCountry ranks 19th overall, according to Inside Mortgage Finance...

There’s work to be done in the remaining months of the current Congress, including funding the government. If that isn’t done by Dec. 16, the government could shut down, and that has spelled trouble for FHA and USDA originations in the past.

The fees, already in place for more than the two years originally mandated, cost veterans $200 million annually, the Community Home Lenders of America says.

RHS extends Section 502 subsidy pilot program; Rural Development seeks applications for 2023 community development program; FHA promotes 203(k) rehab loans; Nutter shutters; MBA names affordable homeownership advisory council members; Chase launches VA purchase closing cost benefit.

Home price deceleration forced Fannie and Freddie to set aside money for potential losses on the single-family side, while high interest rates are the major risk for multifamily. (Includes data chart.)