If the government-insured mortgage programs don't follow FHFA in shifting to a bi-merge process, then it's not worth making the switch for GSE loans, according to CHLA.

"Our expectation remains that the next quarter will be amongst the toughest the industry has seen in the last 15 years," said Matt Scurlock, a managing director and chief financial officer at Texas Capital Bank.

Many of loanDepot's consumer-facing websites went back online Thursday.

Nonbanks are fueling securitization of home-equity lines-of-credit, closed-end second liens and home equity investments. Issuance jumped in 2023 as refi business dried up. (Includes two data tables.)

Participants in the MBS and ABS market have widespread concerns about a proposal to adjust capital requirements for large banks. They argue that the proposed capital requirements are unnecessarily high.

FINRA proposed reducing trade reporting requirements to one minute after execution from 15 minutes. Many trades of agency debt securities and TBA MBS already meet the proposed reporting requirements, while ABS reporting lags.

Banks, nonbanks and consumer advocates have major concerns about a proposal to adjust capital requirements for large banks. The proposal would touch on mortgage lending, MSRs and warehouse lending.

According to an early read, banks suffered double-digit home lending declines in the final lap of 2023 even though rates fell by at least 80 bps.

It's only the second jumbo MBS in the market thus far in January.

Rate locks declined by 14% on a monthly basis in December, driven by fewer locks for purchase mortgages.