Retail lenders gained the most ground in the nonconforming market.

"I think any outcome is ultimately an acceptable outcome," Michael Comparato, president of Franklin BSP Realty Trust, said of potential reforms to the GSEs.

Even if the CFPB rescinds its LO rule, the Truth in Lending Act — the statute the LO comp rule is implementing — remains.

"By rethinking the role of the master servicer, we see significant opportunities to expand our platform and deliver long-term value to clients," said Shane Ross, head of servicing for Newrez.

The Fed will have a new governor in place as it considers monetary policy this week and Fed Governor Lisa Cook will also remain in place.

The Fed rate cut? The odds presently focus on a 25-basis-point trim on the short end of the stick.

The retail channel accounted for 51.3% of first-lien originations in the second quarter of 2025.

The Commerce secretary says a year-end offering of GSE stock is still possible.

"The backdrop for investors owning agency mortgages feels a lot more supportive," said Jay Bacow, co-head of securitized products research at Morgan Stanley.

PRMI is a portfolio manager founded in 2019 with ties to Merchants Bank of Indiana.