The rating service made the update following a review that found that CES loans originated pre-crisis had notably worse characteristics compared with originations in recent years.

Interest rates on mortgages increased to a level last seen in July 2024.

The increase in November was tied to hurricanes, though impairments have increased for seven consecutive months.

Shellpoint handled $6.70 billion of servicing of non-agency MBS issued during the third quarter.

Annaly Capital Management is preparing to issue the first non-agency MBS of 2025.

Depository institutions added some $68.55 billion of single-family MBS to their holdings during the third quarter.

Tad Dahlke of RAMS Capital noted that delinquencies “just aren’t going up much.”

The MBA noted that buyouts are capital intensive and can create liquidity stress for nonbanks, which don’t have large balance sheets to hold nonperforming loans for an extended period.

Because Fannie’s book of business is by far the larger, it’s more impacted by the stability capital buffer than Freddie.

JPMorgan Chase had the most profitable mortgage-banking operation in the third quarter, with $633.0 million of income.