It was a bravura performance for the FHA’s Mutual Mortgage Insurance Fund in fiscal 2019. The MMIF ended the year with a capital ratio of 4.8%, more than double the statutory minimum.

The non-QM market has been so hot this year that M&A activity is beginning to pick up a head of steam. Luxury Mortgage is the latest lender to pull the sale ripcord. There could be more.

One of these days, the two mortgage giants will commence with a new stock offering. Right? The market seems to be betting on the fact, as are the government-sponsored enterprises.