UWM, Rocket and Pennymac all sold fewer mortgages to the GSEs in November than in October. That contributed to a 1.3% monthly decline in GSE MBS issuance. (Includes two data tables.)

The non-agency product has gone from a niche offering to mainstream, with Rocket becoming the latest prominent lender to offer DSCR loans.

Refis totaled $22.84 billion in October, the highest volume since June 2022 and 31.7% of all GSE deliveries for the month. (Includes two data tables.)

If the merger of Rocket Mortgage and Mr. Cooper had been completed in time to include third-quarter numbers, the resulting company would have had a GSE servicing portfolio approaching $1.0 trillion.

Rick Calle previously held the position from 2016 to 2022.

While market share of small- and mid-sized nonbank lenders grew, there was some leakage at the large nonbank lenders. Large mortgage companies’ market share fell sequentially to 53.8% from 56.1%. (Includes two data tables.)

Rocket is set to issue its second consumer loan ABS; Golub Capital issues rare long-duration CLO; large jumbo MBS from Chase; ratings performing as expected.

Rocket Mortgage claims it had no authority to correct the alleged discriminatory appraisal connected to a refinance application. The lender said it expects to be vindicated.

Even as loan deliveries to Fannie Mae and Freddie Mac increase, the two entities continue to lose business to Ginnie Mae issuers. (Includes two data tables.)

FHFA established a new policy — that no GSE servicer should have a market share exceeding 20% — when it authorized Fannie and Freddie to continue doing business with the combined entity that will be formed following Rocket Companies’ planned acquisition of Mr. Cooper Group.