SEC proposes to exempt MBS, ABS from Rule 15c2-11; Amherst offering single-family rental securitization; Morningstar offers “bring your own loan” rating analysis; subprime MBS from 1999 downgraded.

GSE servicing outstanding barely budged during 2025 while Ginnie servicing increased by 6.8% on an annual basis. In owned servicing, the only firms with major gains in 2025 were nonbanks. (Includes two data tables.)

The proposals would reduce capital requirements of banks in terms of mortgages held in portfolio and for mortgage servicing. Federal banking regulators said the goal is to help banks better compete with nonbanks.

Senate last week passed a revised version of legislation aimed at easing housing affordability. House leaders aren’t fully happy with the bill.

Rocket is now the largest subservicer in the industry. Pennymac is poised to acquire Cenlar, the second-largest subservicer. (Includes data table.)

Two Harbors seeking more votes in favor of acquisition by UWM; GSEs to ease standards for condo insurance; DOJ subpoenas to Fed rejected.

One of the goals of the proposals is to help banks better compete with nonbanks.

"We may still see the 30-year dip back below 6%, but a refinance rally feels farther away than it did a month ago," said Eric Orenstein, a senior director at Fitch Ratings.

Due to accounting rules, earnings from the loans locked during the third quarter of 2025 were recognized in the third quarter rather than the fourth quarter.

“Mortgage rates continued to move higher, driven by increasing Treasury yields as the conflict in the Middle East kept oil prices elevated, along with the risk of a broader inflationary shock,” said Joel Kan, a vice president and deputy chief economist at the MBA.