Among other changes, the draft ML proposes extending the required time, from five to 15 days, for servicers to record a partial claim security instrument.

Regulators will propose that large banks be required to hold capital against the unrealized gains and losses on MBS.

The issuance will bring Rocket’s securitization volume of closed-end second liens to $3.30 billion this year.

The average interest rate on a 30-year fixed-rate mortgage declined to 6.20% this week, according to Freddie Mac.

Purchase-money mortgages accounted for 82.5% of agency MBS issuance during August, though the refinance share is growing.

Mat Ishbia, president and CEO of UWM, said “retail competitors and large servicers are intensely working to solicit” borrowers who received their existing mortgages through brokers.

Previous industry changes — the Uniform Mortgage Data Program, the single security initiative and the transition away from the London Interbank Offered Rate — took longer than expected to put into place and caught some stakeholders flat-footed.

Mortgage repurchases and other indemnifications by commercial banks and savings institutions in the second quarter were the lowest since before the 2008 financial crisis.

Buying a home is “roughly affordable again at the national level,” according to Zillow.

Currently, Dan Gilbert, Rocket’s chairman, owns about 93% of the company’s stock.