Nonbanks reported a massive $1.38 million decline in mortgage-banking income during the third quarter. Most of that was because of accounting issues related to servicing.

While retail continued to be the top channel in securitizations of conforming loans, correspondents gained 294 basis points of market share in the third quarter.

The mortgage finance and housing communities are hopeful of strong housing affordability policies from a second Trump term, but expect the approach to differ from efforts under the Biden administration.