The government-insured market was under more pressure...

At Sept. 30, New Residential valued its portfolio of mortgage servicing rights at $6.56 billion...

Although new originations and loan sales declined from the second quarter, many firms said gain-on-sale margins improved.

Large mortgage bankers recorded a 5.2% gain in GSE servicing, while small- and mid-sized companies posted an 8.7% gain....

Wards of the Uncle Sam since the fall of 2008, these days the two government-sponsored enterprises are considered instrumentalities of the executive branch with little prospect of their conservatorships ending.

MSRs are red hot. A lasting thing?

Barring an implosion over the next two months, 2021 will set a new world record, likely topping $4.5 trillion in annual originations.

Mr. Cooper values its MSRs at $3.66 billion, up from $3.31 billion 90 days earlier...

In 2Q21, the GSE-eligible share of loans going into non-agency MBS was 28%.