Rocket issued $41.35 billion of agency MBS in the April-June period, up 15.1% from the first quarter, with a surge in Ginnie loans.

The first-quarter tally was the highest quarterly issuance total for Ginnie since the fourth quarter of 2021.

The industry’s pipeline of loans held for sale was also reduced in the first quarter.

Changes in capital requirements could open the door to greater bank participation in the mortgage market though.

Seller repurchases of defective loans from the government-sponsored enterprises fell in the first quarter to their lowest level since 2020.

Pennymac was the largest correspondent lender in the conventional market in the first quarter, according to a new Inside Mortgage Trends ranking and analysis.

Rocket and a number of other nonbanks have added home equity loans to their product offerings in recent years after refinance activity slowed.

The ARM share of first-lien originations also declined somewhat, as interest rate trends in the first two months of the first quarter made fixed-rate mortgages somewhat more attractive than ARMs.

A total of $545.80 billion of non-agency MBS backed by single-family mortgages was outstanding at the end of March.

Chase remained the largest warehouse provider as of the end of the March, while losing some market share.