In a research note, Keefe, Bruyette & Woods said that following Gilbert’s stock sale his interest in Rocket Companies will drop to 93% from 94%.

The original order for leniency was put into place because of the global pandemic.

The number of complaints in the annual report submitted to Congress is substantially higher than figures reported on the bureau’s public-facing website...

The impairment rate on securitized non-QMs increased by 40 basis points on a monthly basis to 11.1% at the end of February.

UWM plans to use proceeds from the sale to pay down a $400 million MSR facility.

Meanwhile, industry consultant Christopher Whalen noted, “What a difference a year makes. Twelve months ago, some of the industry’s largest independent mortgage banks were in danger of tipping over due to the liquidity wave unleashed by the FOMC in response to COVID."

Thanks to rising rates, mortgage stocks have been under pressure of late but most of the declines have affected lenders that recently went public as opposed to “older” firms such as Mr. Cooper and PennyMac Financial Services.

The MSR totals are based on February loan production by this particular seller...

The slope also remained slippery for home-equity debt outstanding. The Federal Reserve reported $441.6 billion of home-equity loans outstanding at the end of 2020, an 11.9% drop from the previous year.