David Spector, CEO of Pennymac Financial Services, said the firm’s correspondent aggregation platform is facing increasing competition from the GSEs’ cash window.

The correspondent channel lost 194 basis points of market share in the agency MBS market in the fourth quarter of 2025.

Rep. French Hill, R-AR, the chair of the House Financial Services Committee, was critical of initiatives by Bill Pulte, director of the Federal Housing Finance Agency.