The good news is that several large nonbanks (PennyMac Financial Services comes to mind) hedge their MSR positions. But others do not.

And since nonbanks account for eight of the 10 largest Ginnie Mae servicers, there’s a concern about their liquidity.

The biggest risk for the purchase-mortgage market: an unemployment rate that could shoot into the stratosphere.

Investors and issuers alike are suffering from a case of interest rate whiplash. 

It would appear that Calabria, who took charge a little over a year ago, hasn’t made much progress in the matter.

As interest rates decline significantly, there's a risk that investor demand will fade...

The big challenge: How, exactly, the non-agency MBS sector might establish self-governance…

The top 10 Ginnie Mae issuers in February were all nonbanks, with PennyMac and Freedom Mortgage ranking first and second, respectively…

The the spike in refi activity has “meaningfully” increased the pricing power for originators, said KBW. The research firm said gain-on-sale margins from secondary market loan sales should be exceptionally strong.

The top two agency MBS issuers in February? Answer: Nonbanks Quicken Loans and PennyMac…