Rithm is both a buyer and seller of non-agency mortgages. Wider spreads in recent months have helped generate strong returns from loan acquisitions. Meanwhile, RTL production through its Genesis unit slowed during the first quarter.

Impairment rate on non-QMs declines; new issuers of home equity loan securitizations; bank offers new jumbo ARMs via wholesale channel; proprietary reverse-mortgage product from Liberty Reverse Mortgage.

Mr. Cooper's owned servicing portfolio declined in the first quarter of 2025, the first decline posted by the nonbank since the second quarter of 2022.

“There are a lot of tailwinds still in MSR values,” said David Sheeler, a senior executive vice president and president of residential servicing at Freedom Mortgage.

Ginnie Mae is instituting a temporary 10% cap on the share of mortgages with buydowns delivered into multiple issuer pools of Ginnie MBS.

Uncertainty on movements by the Fed has prompted sharp swings in the value of agency MBS as well as in the prices of hedges commonly used by REITs.

Non-agency securitization of home equity loans resumed its rising trajectory after slumping in the fourth quarter of 2024. Rocket was the top issuer in the first quarter, focusing on closed-end second liens. (Includes two data tables.)

First-of-its-kind HELOC ABS from Figure; Morningstar downgrades assessment of Torchlight Loan Services; ABS roundup.

Mr. Cooper Group’s owned servicing volume took a downturn in the first quarter. Some large banks also continued to reduce their owned servicing.

Rocket’s pending acquisition of the nation’s largest subservicer is making some MSR owners consider a subservicer that isn’t owned by Rocket. Mr. Cooper isn’t giving up, with plans for additional growth.