An affiliate of Invictus Capital Partners is set to issue a $707.4 million expanded-credit mortgage-backed security.

“People are ready to refinance, people are ready to buy,” said Mat Ishbia, chairman, CEO and president of United Wholesale Mortgage.

The concept of reducing Fannie Mae/Freddie Mac LLPAs on second homes and cash-out refis is being pushed by Barry Habib, a principal in MBS Highway, who was named to Fannie’s board this summer.

Pennymac is marketing a $426.5 million non-agency mortgage-backed security stocked with investment-property mortgages eligible for sale to the government-sponsored enterprises.

Pennymac was the top issuer of prime non-agency MBS in the third quarter.

Much of the swing was tied to increases in salaries, commissions and team member benefits along with general and administrative expenses.

David Spector, chairman and CEO of Pennymac Mortgage Investment Trust, said execution in the non-agency market is currently superior to delivering the loans to the GSEs.

FHA Commissioner nominee Frank Cassidy and Ginnie Mae President nominee Joseph Gormley testified before a Senate committee Thursday.

“We, like any business, must eliminate positions that are not core, or otherwise, to mortgages and new home sales,” FHFA Director and Fannie Mae Chair Bill Pulte said of the GSE.

The Mortgage Bankers Association is projecting a 25-bp rate cut by the Fed in December and another in the first quarter of 2026.