Origination volume at the nonbank declined 12% between the second and third quarters of this year.

Ginnie Mae should direct its focus toward standing up liquidity backstops within the next year, Ted Tozer, the agency’s former president and a current fellow at the Urban Institute, said.

Matt Vernon, head of consumer lending at Bank of America, said BofA is having conversations with clients about what they are expecting to accomplish with their purchase and what they may do differently to adjust to the high-rate environment.

Servicers retained 27% of refi borrowers in the third quarter.

Servicing outstanding increased overall during the third quarter, but not at the two largest players in the market.

“We intend to be significantly more selective in the MSRs we purchase and hold going forward,” said Glen Messina, chair, president and CEO of Onity.

“A lot of things that need significant leadership from [the Federal Housing Finance Agency] and Treasury, and it’s not clear it’s a priority,” said Bose George, a managing director at Keefe, Bruyette & Woods.

The National Consumer Law Center said regulators and policymakers should clarify that HEIs are mortgages and subject the products to federal and state mortgage laws and regulations.

The latest jobs report reinforced MBA's expectation that the Fed will hike rates in December and again in early 2027.

“When we sell $40 billion of MSRs, for an example, there’s always going to be a liquidity discount there when we’re doing such a big sale,” said Mat Ishbia, chairman, CEO and president of United Wholesale Mortgage.