California remained the largest source of insured home loans securitized by Fannie, Freddie and Ginnie in the second quarter, and it had relatively large concentrations of FHA and VA mortgages.

Mortgage brokers accounted for a record 14.8% of single-family business in the agency MBS market during the second quarter. Credit trends suggest sellers may have focused on the low-hanging fruit as production volume ramped up significantly.

Falling interest rates are sometimes a bad thing — case in point is Mr. Cooper and negative MSR marks. Also, it’s been somewhat quiet on the M&A front but perhaps a change is in the wind.