“It’s horrible out there,” said Mark Shenkman, CEO of Priority Financial, a nonbank based in Calabasas, CA.

Applications for both purchase mortgages and refinances declined last week.

Retail lending accounted for 85.9% of jumbo originations in the first half of 2023, among a group of prominent lenders surveyed by Inside Nonconforming Markets.

Activity by Fannie Mae and Freddie Mac involving shared equity loan programs has been limited to this point and the FHLBanks are currently prohibited from acquiring mortgages in shared equity programs.

“A year ago, we were flooded with deals,” said one East Coast-based MSR broker. “Now we’re not, but prices have grinded higher.”

Aretreat by the home insurance industry changes the risk environment of FHA’s mortgage insurance program.

Home prices increased by 0.8% on a monthly basis in July.

In the second quarter, money-market and mutual funds upped their holdings of MBS by 10.9% to an estimated $814.18 billion.

Late last year, Ginnie seized the mortgage servicing assets of Reverse Mortgage Funding after the company filed for bankruptcy, citing liquidity issues.

“It’s taking us a little longer to get this done, but at the same time, we want to get it right,” Michelle Corridon, deputy director of policy at VA, said of the VA Servicing Purchase program.