Question · Q4 2025
Bose T. George inquired about the likelihood of LLPA and guarantee fee reductions at the GSEs and how the agency market is pricing in this possibility. He also asked if there have been any changes in bank interest or activity in the MSR market due to capital rules.
Answer
Nick Letica, CIO, indicated a reasonable chance of LLPA grid changes, which he believes are somewhat, but not entirely, priced into the market. Regarding the MSR market, he stated that interest remains strong and rock solid, with no particularly new trends observed from banks.
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