With volumes down slightly for the quarter, depositories experienced a slight increase in their market share. But nonbanks still account for more than 68% of total GSE loan sales. (Includes two data charts.)

Biden’s FHFA nominee Sandra Thompson has made it clear that the agency can’t end the conservatorships without help from the Departments of Treasury and Justice and, most importantly, Congress itself.

In April, Fannie and Freddie will begin charging sharply higher LLPAs on second-home and high-balance mortgages. The change is likely to expand non-agency securitizations at the expense of Fannie and Freddie.