Production was essentially level compared with the second quarter and margins improved.

Wide spreads are putting pressure on the value of MBS held in portfolio while also offering attractive yields for new investments.

“I believe AI will be at the center of how clients buy, sell and finance homes,” said Varun Krishna, the new CEO of Rocket Companies.

Spreads on agency MBS widened during the third quarter, leading to a decline in values for agency MBS holdings. Still, investors stress that agency MBS is an attractive investment option.

A 25-member bipartisan House group has called on the SEC to revise its proposed rule on conflicts of interest in the securitization market. The lawmakers said the SEC, in making the rule, went well beyond what was required by the Dodd-Frank Act.

Concord Music Group issued its second ABS last week. Concord CEO said issuing an ABS was complicated but worth the effort.

The Fed held rates steady Wednesday and the MBA anticipates that the next action will be a cut in 2024.

Zillow's production increased 35% from the second quarter.

Mr. Cooper is working on an MSR fund with institutional investors, with plans for the nonbank to handle subservicing, while Rithm Capital is still planning a spinoff of its mortgage unit despite the tough market.

FSOC plans to set new standards for applying a “systemically important financial institution” designation to nonbank financial companies.