Investors are seeing value in the unsecured notes of certain large nonbanks, increasing the ability of these shops to sell new debt. Not all lenders are responding, but new deals could be in the works as long as MSR keep rising in value.

The Financial Stability Oversight Council wants Congress to provide FHFA and Ginnie Mae authority to supervise nonbanks given their growing dominance of the mortgage servicing market.

A consumer advisory board meeting convened this week by the CFPB included an emphasis on issues in the mortgage market.

An increase in MSR values was the order of the day during the first quarter, but the markups were not significant. And some lenders had slight declines. The good news: Origination profit margins improved.

When mortgage bankers think of megabanks selling MSRs, Wells Fargo comes to mind. But U.S. Bank is selling servicing rights as well. Its latest sale: a $15 billion package of GSE rights.

New York Community Bank’s new leadership has plans to return to profitability. It’s not clear how residential mortgages fit into those plans.

Lenders continue to make bulk purchases to offset runoff in their portfolios and make up for anemic originations. However, demand for MSRs could be near a peak, according to industry analysts.

If you’re looking for signs of hope in a difficult mortgage market, a source of inspiration might be the debt values of certain lender/servicers.

Servicing outstanding increased by an estimated 0.3% in the first quarter. Meanwhile, Mr. Cooper Group, which recently became the largest primary servicer, boosted its portfolio by 14.6% from the end of 2023. (Includes three data tables.)

What’s a mortgage CEO worth in a dicey origination market? According to an early read of proxy filings, some chief executives received nice pay packages last year, while others saw reductions.