Officials at the nonbank said they’re “managing towards profitability in the midterm.”

CrossCountry has a separate MBS issuance partnership with Hildene Capital Management, though that’s focused on expanded-credit mortgages.

AGMIT acquired $136.9 million of home equity loans in the third quarter and has committed to purchasing another $200 million in loans over the next several months.

There was little movement in applications for purchase mortgages or refinances last week.

Fannie Mae had the biggest monthly gain in total production among the three agencies, which raised its share of agency MBS issuance in October two percentage points to 27.3%.

The uptick bucked a seasonal trend, as locks for purchase mortgages typically decline each month after spring.

Refis account for 15.0% of the planned $365.3 million issuance.

None of the state or local downpayment assistance programs have enough scale or funding to make a meaningful impact in addressing the challenge of accumulating a 3.5% downpayment on FHA loans, according to analysts at the Urban Institute’s Housing Finance Policy Center.

While agency MBS issuance surged in October, some of the top sellers posted declines in volume compared with September.

“The refi boom has not fully materialized, but we have seen a preview of it and were able to capitalize on it instantly while others were caught flat footed,” Mat Ishbia, chairman and CEO of UWM, said Thursday during the lender’s earnings call.