Declining interest rates through September helped increase the flow of both purchase mortgages and refinances into Ginnie MBS in November. Issuance increased by 10.1% on a monthly basis, and growth in FHA refi business outpaced VA refi activity. (Includes two data tables.)

The retail channel accounted for 50.8% of total first-lien originations in the third quarter of 2024, down from a 53.3% share in the second quarter.

While layoffs aren’t increasing, new entrants and individuals who lose jobs are having a more difficult time regaining employment.

“Companies with stronger franchises and ample levels of capital continue to sacrifice some profitability to increase market share, keeping pressure on weaker competitors,” according to Moody’s Ratings.

UWM's debt offering priced with an interest rate of 6.625%.

Growth in securitizations of home equity loans slowed in the third quarter from an exponential pace earlier in the year. Still, issuance was up, with Rocket leading the way. (Includes two data tables.)

An affiliate of Proprietary Capital won some significant rulings this week in a lawsuit against Mr. Cooper. The dispute involved early buyouts from Ginnie Mae MBS.

ABS receive no-action relief on Rule 15c2-11 reporting; Ellington Management Group to securitize closed-end second liens.

Originations through the retail channel increased during the third quarter of 2024, but correspondent and broker production grew at a faster pace. The retail share of total first-lien originations declined to 50.8%. (Includes six data tables.)

The increase in the 10-year Treasury rate following the November election and changes in expectations for interest rates have prompted economists to revise down their projections for originations in 2025.