PennyMac posted a record profit in the second quarter and went on a hiring spree to support its origination and servicing activities.

While the refinance market continued to go bonkers, agency securitization of purchase loans showed a bigger relative gain from June.

The lower readings might suggest a lack of interest in FHA/VA lending but that’s hardly the case given the continued strong production numbers…

According to the S-1 initial public offering documents filed with the SEC, Rocket’s total share count (public and private) is roughly 1.9858 billion shares. At $22 a unit (the upper end of the range) that works out to a cool $43.69 billion. In short: Wow.

Cowen analyst Jaret Seiberg: “Our expectation is that FHA borrowers will be the first to suffer if Congress fails to extend enhanced unemployment benefits"...

Wade takes the helm of the government’s mortgage insurer at a tumultuous time: FHA production is strong but the COVID-19-related forbearance rate on such loans are beginning to inch up as the employment picture worsens.

Higher mortgage rates in six months? No one sees it...

Even loans that fall into the “other” category (portfolio and private-label loans mostly) dropped: 10.41% from 10.93% on July 5.

The biggest gain in the government market was in VA loans, where quarterly volume was up 23.5%...