States with high usage of the SALT deduction have seen "acute" slowdowns in home price appreciation (and even declines) since the limitation on the deduction took effect.

The non-agency MBS sector faltered during the third quarter. According to the Federal Reserve, the outstanding supply of non-agency MBS fell another 2.1% from June to $452.17 billion.

S&P has steered clear of the S&D market but still ranked third overall with a 24.4% share of year-to-date non-agency MBS ratings.

According to IMF’s tally, the top five warehouse providers in the third quarter were: JPMorgan Chase ($18.50 billion in commitments), Texas Capital ($7.95 billion), First Tennessee ($7.90 billion), TIAA FSB ($6.50 billion) and Wells Fargo ($6.00 billion).

After all, who wants to invest in a shrinking (GSE) business? Something to think about…

The supply of one- to four-family mortgage debt outstanding climbed 0.8% from June to reach $11.075 trillion as of the end of the third quarter. It was the highest MDO number since June 2009.

The review will consider the interplay between the non-agency market and the GSEs and the impact of the exemption for qualified residential mortgages...

One Freddie shareholder quipped: "It sounds like something their advisors would have recommended – to improve proforma [earnings] going into a capital raise."  

Mat Ishbia of UWM: “We feel great knowing more LOs [loan officers] and consumers are going through the broker channel…”

Wells Fargo posted a 6.5% increase in repurchases from the second quarter, though its year-to-date volume was down from 2018.