Tom Rettinger, chief portfolio risk officer at CrossCountry Mortgage, noted that prepayment models were built for a more balanced interest rate environment.

Payoffs accounted for 89.1% of total loan liquidations from Ginnie MBS in the third quarter.

CHLA acknowledges that the shift at Ginnie will require additional funding for the agency.

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.