Much of the downturn was in pools with high concentrations of loans that accomplish GSE missions and other social goals.

Redwood took a net loss of $98.5 million in the second quarter of the year, largely tied to a shift away from its legacy portfolio.

Borrower demand is shifting month to month, largely tied to trends in mortgage rates.

“There is still plenty of uncertainty surrounding the economy and job market, which is weighing on prospective homebuyers’ decisions,” said Joel Kan, a vice president and deputy chief economist at the MBA.

The Senate Committee on Banking, Housing and Urban Affairs approved the ROAD to Housing Act on a 24-0 vote.

Two Harbors booked a contingency liability and related expense of $199.9 million in the second quarter tied to litigation with the former manager of the REIT.

“We’ve been very proactive in seeing the housing market decelerate and trying to be on our front foot,” said Mike Fania, co-chief investment officer and head of residential credit at Annaly.

The distillery was the last tie to the legacy business of Eastside Distilling, a publicly-traded company that acquired a mortgage lender in 2024.

Home prices were down 0.2% on a monthly basis in May, according to FHFA.

The spring homebuying season and some refinance activity helped to boost production thus far this year.