Halfway through 2024, Lakeview/Bayview Loan Servicing was the leader in removals from Ginnie MBS, with $11.33 billion.

Much of the improvement in FoA’s earnings in the second quarter was tied to fair value changes.

UWM took in net proceeds of $2.4 billion from MSR sales in the first half of 2024.

The nonbank looks to have sold more MSRs during the second quarter.

“Our biggest concern is that the market sell-off becomes a self-fulfilling prophecy causing corporate CEOs to cut back on investments and consumers to pull back on spending leading to further cuts and a recession,” analysts at Morningstar DBRS said.

The increase in sales of Ginnie MSRs was tied to bulk sales by United Wholesale Mortgage. Lakeview/Bayview Loan Servicing was — by far —the top bulk buyer of Ginnie servicing. (Includes two data tables.)

In owned servicing — which tracks the owners of mortgage servicing rights and whole-loan portfolios — the nonbank share increased from 55.9% as of the end of March to 56.9% at the end of June.

The nonbank acquired servicing with a total unpaid principal balance of $20.8 billion during the second quarter with an eye on refinances.

“We consider ourselves the most optimistic company in America,” said Varun Krishna, CEO of Rocket Companies.

Agency MBS investors are looking forward to the Fed cutting interest rates twice this year. However, they warned that something unexpected could prevent the Fed from cutting rates in September.