The rating service made the update following a review that found that CES loans originated pre-crisis had notably worse characteristics compared with originations in recent years.

Interest rates on mortgages increased to a level last seen in July 2024.

The increase in broker originations was largely driven by two lenders: United Wholesale Mortgage and PennyMac Financial.

The refi share of applications was as high as 55.7% in late September.

The increase in November was tied to hurricanes, though impairments have increased for seven consecutive months.

Shellpoint handled $6.70 billion of servicing of non-agency MBS issued during the third quarter.

Annaly Capital Management is preparing to issue the first non-agency MBS of 2025.

Depository institutions added some $68.55 billion of single-family MBS to their holdings during the third quarter.

The hedge fund billionaire predicts Treasury will write off its senior preferred shares in the GSEs and exercise its warrants for 80% of their common stock.

Nonbank lenders put a heavier emphasis on discount points in recent years than depository institutions, according to researchers at the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute.