The reason for the decline: Many borrowers saw their forbearance plans expire because they did not contact their servicer. At least, that’s what MBA concluded.

In other words, in a market sized at roughly $2 trillion, and with total delinquencies measured at $218.9 billion (according to Ginnie’s website), the so called COVID-19 liquidity crisis never arrived...

Despite what looks like good news, Black Knight warned there are another 800K forbearances reaching the end of their initial six-month terms over the next 30 days...

The agencies securitized almost $592 billion of single-family refi loans, a 17.8% increase from 2Q. Refis accounted for 64.7% of the market during the third quarter. However, purchase-mortgage activity increased more in percentage terms...

After setting new monthly records in July and August, the agency MBS market cooled slightly in September.

Payoff removals fell 0.4% from July to August, and by 2.8% for FHA loans. The VA program, which sees much heavier refinance activity, recorded a 1.9% increase in payoff removals, edging up to its highest level of the year.

According to Black Knight, as of Sept. 22, 3.6 million mortgagors were in some type of relief program.

For weeks, there had been unconfirmed rumors that UWM might be contemplating an IPO but the missing ingredient was the SPAC. Based in Pontiac, MI, the privately held UWM, ranks third among all originators, according to figures compiled by Inside Mortgage Finance.

The soft performance in the FHA/VA market was all due to declining production in the correspondent and wholesale-broker channels. Retail originations of government loans were up 38.4% for the survey group.