Mortgages

The decline in loan activity and softening prices also helped drive down builder sentiment for the 11th month in a row.

The government mortgage-bond insurer's requirements that restrict investor involvement are likely the greatest challenge to finding more purchasers of MSRs, experts said at a servicing conference Monday.

The company was profitable on a net basis but took a comprehensive loss linked to market volatility's effect on mortgage bonds.

The government-sponsored enterprise put more money aside as mortgage interest rates rise and home prices start to decline.

The $1.3 trillion decline was the largest quarterly drop in dollar volume and the biggest falloff on a percentage basis since 2009, according to Black Knight.

The acquisition, which was originally expected to close at the end of last year, ultimately took more than 18 months to receive regulatory approval. It is now expected to close on Dec. 1.

The company's volume fell behind its wholesale-focused chief competitor's in the third quarter but management foresees potential weakness in the broker channel.

That amount of consolidation would be a leap from the previous three-decade high of 33 in 2018, according to Stratmor.

Delinquencies are on the rise for FHA-backed loans, with nearly 10% of low-credit borrowers in early payment default. Economists and policy experts say this could signal trouble ahead for other credit products.

The closure of its nationwide retail business — which followed the shuttering of its consumer direct business in Q2 — pushed the Florida bank into a $1.4 million loss for the most recent quarter.