Tom Piercy of IMA: “Any type of additional regulatory discussion is problematic as it typically starts with the best of intentions and ends up with the worst of consequences.”

The April-June cycle marked the first time since the end of 2016 that bank retail lending exceeded wholesale production. Then again, in the call-report world, wholesale includes both loan purchases through correspondent operations and originations involving mortgage brokers.

The impairment rate on non-QM MBS declined by 70 basis points in August even as enhanced unemployment benefits ended in late July.

Fun fact: With correspondent losing share, many small and mid-sized firms began selling directly to the GSEs...

In other words, all that chatter about an end to paper document is overblown.

The trend of sharply declining repurchases commenced in 2014 as investors and sellers began settling buyback claims on mortgages dating back to before the financial crisis.

Fun fact: Among the top 10 wholesalers, not one is a depository…

Mortgages in the deal have an average combined LTV ratio of 87.8%.

Rep. Andy Barr of Kentucky: “Important sectors of our economy, including hospitality, conventions, entertainment, retail and commercial real estate, remain in stress."