Rocket Mortgage, the largest agency servicer and a nonbank, went the other way, reducing its portfolio during the quarter.

First Horizon opted to sell mortgages with low interest rates at a loss due to the limited utility the bank saw from the loans, according to Hope Dmuchowski, a senior executive vice president and chief financial officer at the bank.

A tool for annual financial reports now pre-populates information for issuers, changing a three-hour process to a 15-minute process, based on two issuers’ anecdotes.

The bank sharply increased the size of its subservicing portfolio in June.

The annual sales rate for new homes is at the lowest level seen since April 2020, according to the MBA.

Fannie's forecast also shifted from a modest increase in mortgage originations on an annual basis in 2027 to a 10.6% decline.

Originations declined by 12.3% from the second quarter.

Much of the increase was from prime jumbos.

The value of MBS holdings declined during the quarter as interest rates increased sharply.

First Horizon took a $473 million pre-tax loss in non-interest income on the sale of mortgages with an unpaid principal balance of $4.5 billion.