At yearend, commercial banks owned more MBS than any other investor cohort at $1.793 trillion. The Fed was second, but that's going to change...

Homebridge Financial’s wholesale division and theLender both announced suspensions to their non-QM lending operations. Others will follow, rest assured...

The goal is to stop a tidal wave of housing-related financial damage that might potentially destroy the social fabric of the nation.

And therein lies a chief fear for the mortgage industry: as the economic damage caused by the spreading coronavirus piles up, will nonbank Ginnie issuers have enough liquidity to make those payments in the months ahead?

Demand for newly-originated non-QMs has declined, prompting aggregators to re-price products, At least one wholesale lender stopped originations...

Conventional and government originators are feasting on refinancings that should keep them busy the next three months. After that...

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.