Holdings of both mortgage-backed securities and mortgages rose in the quarter, with MBS totals up 5.9% and mortgages up 4.1%.

“Our biggest concern is that the market sell-off becomes a self-fulfilling prophecy causing corporate CEOs to cut back on investments and consumers to pull back on spending leading to further cuts and a recession,” analysts at Morningstar DBRS said.

In owned servicing — which tracks the owners of mortgage servicing rights and whole-loan portfolios — the nonbank share increased from 55.9% as of the end of March to 56.9% at the end of June.

HUD said the changes will better align its regulations with advances in electronic communication technology and borrower engagement preferences, while preserving consumer protections.

The nonbank acquired servicing with a total unpaid principal balance of $20.8 billion during the second quarter with an eye on refinances.

Michael Bright, CEO of the Structured Finance Association, predicted that the CFPB will soon bring another lawsuit involving ABS following a tepid reaction from the securitization market to a lawsuit by the bureau against a student loan ABS.

“We consider ourselves the most optimistic company in America,” said Varun Krishna, CEO of Rocket Companies.

Rate cuts are coming, but they might not be that helpful for mortgage companies in the short term.

Onity stressed that both its originations and servicing segments were profitable on a pre-tax basis.

At the end of June, large nonbanks accounted for 39.0% of all government-sponsored enterprise servicing, up from 37.6% in March.