The share of mortgages in forbearance increased from 0.34% as of the end of September to 0.47% at the end of October, according to the Mortgage Bankers Association.

Most of the damage came at Rocket Mortgage and Rithm/Newrez, which took hits on the asset value of their MSRs.

One analytics official said he expects changes to be made to the capital guardrails.

Prior to the second quarter of 2024, lenders participating in the MBA survey posted losses, on average, for eight consecutive quarters.

The REIT and Cherry Hill Mortgage Management, the external manager owned by Stanley Middleman, disagree about whether CHMI should pay an $18.4 million fee to terminate the external management agreement.

“The economy is not sending any signals that we need to be in a hurry to lower rates,” said Federal Reserve Chair Jerome Powell.

The loss was largely from a negative $878.3 million change in the fair value of mortgage servicing rights.

There was little movement in applications for purchase mortgages or refinances last week.

Movements in Treasury yields — rather than actions by the Fed — have been a bigger driver in changes to interest rates on mortgages recently.

The capital relief will be provided via an adjustment to MSR values.