Investors saw the value of their agency MBS holdings drop in early April due to volatility tied to trade policies. Many markets recovered from the volatility by the end of June, but the agency MBS market lagged.
While primarily known for mortgages, Rocket has been originating consumer loans since 2016. The loans are originated in partnership with Cross River Bank, providing federal preemption of state laws.
Originations spiked by nearly 40% from the first quarter to the second. For the first half of the year, volume was up 13.3%. Lenders outside of the top five gained some market share in the April-to-June period. (Includes two data tables.)
Executives at mortgage companies anticipate originations will pick up as soon as interest rates on mortgages decline. However, the MBA’s projections suggest little movement in rates for the rest of this year.