One of the goals of the proposals is to help banks better compete with nonbanks.

"We may still see the 30-year dip back below 6%, but a refinance rally feels farther away than it did a month ago," said Eric Orenstein, a senior director at Fitch Ratings.

“The condo insurance requirements will reduce costs for existing homeowners and will make tens of thousands of additional units eligible for lower cost GSE financing,” said Bob Broeksmit, president and CEO of the MBA.

The $87.67 billion of removals were largely tied to borrower payoffs.

Due to accounting rules, earnings from the loans locked during the third quarter of 2025 were recognized in the third quarter rather than the fourth quarter.

“Mortgage rates continued to move higher, driven by increasing Treasury yields as the conflict in the Middle East kept oil prices elevated, along with the risk of a broader inflationary shock,” said Joel Kan, a vice president and deputy chief economist at the MBA.

Home prices declined by 0.2% on an annual basis in February, the first annual decline since 2012, according to First American Data & Analytics.

The National Consumer Law Center predicted that implementing the mortgage-focused order will “re-ignite the market conditions” that led to the financial crisis of 2008.

“By leveraging the existing shared services infrastructure of our joint venture channel, we are well positioned to scale this business and add a new source of profitable growth,” said Anthony Hsieh, CEO of loanDepot.

Seneca owned mortgage servicing rights with an unpaid principal balance of $42.31 billion as of the end of December, according to estimates by Inside Mortgage Finance.