Meanwhile, industry consultant Christopher Whalen noted, “What a difference a year makes. Twelve months ago, some of the industry’s largest independent mortgage banks were in danger of tipping over due to the liquidity wave unleashed by the FOMC in response to COVID."

Issuers of MBS and ABS should use a 30-day average of SOFR rather than LIBOR when setting adjustable-rate terms for new deals, according to recommendations from a group convened by the Fed.

PennyMac Financial was, hands-down, the top producer in the correspondent channel with $60.51 billion, a 24.2% increase from 2019.

Sprout's Shea Pallante: “This is a big step forward for mortgage professionals...”

Thanks to rising rates, mortgage stocks have been under pressure of late but most of the declines have affected lenders that recently went public as opposed to “older” firms such as Mr. Cooper and PennyMac Financial Services.