The group of servicers handled $1.51 trillion of jumbos at the end of June, up 0.7% from the end of March.

Treasury Secretary Scott Bessent said FSOC is focused on economic growth because “regulators too often overlook the threat economic stagnation poses to financial stability.”

Initially looking to raise around $500.0 million, Figure's IPO ultimately raised $787.5 million.

“Some house hunters are staying on the sidelines because they want mortgage rates to drop more significantly before jumping in,” Redfin said.

Mr. Cooper remained the largest subservicer with $778.1 billion of contracts on its books at the end of June.

Over the last five years, the share of non-U.S. citizens in the non-agency mortgage-backed security market more than doubled.

"We launched an interest only mortgage product to fill in the market gap left by First Republic [Bank] and others," said Richard Raffetto, a senior executive vice president at Flagstar and president of commercial and private banking.

The planned $560.4 million issuance is the largest CES securitization yet from the nonbank, which started issuing deals in April.

The Trump administration vowed to continue the effort to fire Cook, alleging mortgage fraud.

Issuance increased by 7.8% from July and marked the strongest monthly total since November 2024.