Limited earnings potential from originations and ongoing consolidation are likely to keep the supply of MSRs at healthy levels, according to officials at Annaly Capital Management.
Bayview acquired $28.91 billion in unpaid servicing principal balance during the quarter, a nearly 90% increase in bulk acquisitions compared with its activity in the first quarter.
Bulk sales of agency MSRs were up 30.8% on an annual basis in the first half of 2026. United Wholesale Mortgage accounted for nearly 30% of all bulk sale volume in the second quarter. (Includes three data tables.)
The GSEs are acting like a relative value investor rather than crowding out other agency MBS investors, according to leaders of REITs that focus on agency MBS.
The MBA now projects that the unemployment rate will hold at 4.3% through the end of the third quarter of 2026, before rising to 4.4% in the fourth quarter.