Rocket is known for refis. Demand for refis is limited due to rising interest rates. So Rocket is taking steps to boost originations of purchase mortgages.

GSEs revise loan-level pricing adjustments; FHFA cuts UMBS comingling fee; UWM gives brokers pricing flexibility; foreclosures more than double; loanDepot to use Black Knight’s loan origination system; Lower offers white-label mortgage platform; Blend continues right-sizing.

Spreads on auto ABS issuance are tightening and issuers are upsizing deals amid strong demand.

Standards involving delinquencies and in-person audits of issuers will remain on hold through at least the end of June.

While agency MBS trading typically slows towards the end of the year, the average daily volume of trades in December 2022 was the lowest on record since the beginning of 2020. Banks are showing weak demand for the securities.

The FHFA will significantly reduce a controversial fee for comingled securities in UMBS; no consistent trend in delinquencies and losses across MBS and ABS in December; term SOFR not an option as GSEs leave LIBOR behind.

The CFO noted that Rocket sells some of its MSRs, but it’s mostly servicing on loans originated through brokers...

Wells Fargo is no longer in love with the mortgage business. We all know that, but is the bank contemplating large-scale sales of its massive MSR portfolio? Not likely.

Total impairments on securitized non-QMs reached 4.2% in November...

JPMorgan Chase was the top prime-jumbo and EC MBS underwriter in 2022...