The retail channel lost some ground across all three loan product categories. In the conventional-conforming market, the retail share went from 38.8% in the third quarter to 38.2% in the fourth quarter. (Includes two data tables.)

Two large nonbank retail lenders took losses in the fourth quarter, with officials stressing that better days are ahead. Guild is growing through M&A while loanDepot is reducing its staffing.

Agency deliveries fell 16.1% in the fourth quarter of last year as retail lost ground to correspondents. Average loans sizes decreased and there was no significant change in loan quality. (Includes two data tables.)

Executives at Kind Lending and Paramount Residential Mortgage Group said lenders need to boost staffing levels to be prepared for increased originations this year.

Citizens Bank left the wholesale channel amid weak margins; Mr. Cooper’s cyberattack recovery includes large expenses for borrower services; new leader at broker group; Consolidated Analytics acquires Real Info; customer relationship management tool with artificial intelligence for loan officers.

Banks and thrifts sold $97.37 billion of mortgages during the quarter. Trends varied among the largest banks, with Chase increasing loan sales while U.S. Bank and Wells Fargo sharply reduced their activity. (Includes two data tables.)

The correspondent channel gained a significant chunk of market share from retail in the conventional-conforming market during the third quarter. The broker share stayed steady.

Fed researchers show that, when interest rates increase, refinances decline, but alternative forms of household borrowing increase proportionally. This borrowing substitution diminishes the value of refinances as a path for monetary policy.

Guild’s originations unit swung to profitability in the third quarter even as originations declined. Leaders of the nonbank said strong demand from correspondent buyers prompted changes in models used for calculating the value of lock commitments and mortgages held for sale.

Retail loans gained market share in third-quarter agency securitizations as the refinancing segment crumbled further. Credit quality remained good, and the rising loan sizes have stabilized. (Includes two data tables.)