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...

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…