The comeback in the July-to-September period was led by JPMorgan Chase, which brought $2.12 billion of prime non-agency MBS to the market spread across four deals...

After setting new monthly records in July and August, the agency MBS market cooled slightly in September.

Payoff removals fell 0.4% from July to August, and by 2.8% for FHA loans. The VA program, which sees much heavier refinance activity, recorded a 1.9% increase in payoff removals, edging up to its highest level of the year.

Talk about liquidity: the document reveals with this master repurchase deal under its belt, Quicken now has “total funding capacity”of $27.5 billion.

There was a huge gain in the securitization rate for conventional-conforming loans, up from 73.0% in the first quarter to 86.2% in the second.

This official speculated that perhaps Calabria was referring to the companies’ corporate culture before the financial crisis, when the politically connected secondary market giants were widely feared on Capitol Hill.

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...