Closed-end second liens accounted for an estimated 19% of home equity production in 2023, up from a 13% share in 2022.

Most major investor categories increased their holdings of MBS during the fourth quarter, while the Fed continues to let its holdings slowly run off.

The increase was driven by refinances, particularly VA refis.

ARMs accounted for 14.3% of total originations last year, up from a 13.8% share in 2022.

MBA said lenders were unable to "sufficiently adjust resources to align with fluctuating rates and volumes"...

Banks, thrifts and credit unions ended the year with $3.551 trillion of unsecuritized home loans on their books, a gain of 0.8% from the third quarter.

NAR's settlement essentially eliminates the requirement for home sellers to pay a fee to the homebuyer's real estate agent.

Retail mortgage originations by banks and thrifts declined by 16.6% in the fourth quarter.

Outstanding advances were down for the year after a surge in the first quarter.

Companywide, revenue last year came in at $974.0 million, down 22.3% from 2022.