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Weather or Not
By Jeff Walton & Kelly Guest
A lot of industry faithfuls are battling weather and an unpaid TSA workforce to make it to Vegas for this week's ICE Experience 2026, where the conversations are likely to venture from the spring market to the Strait of Hormuz. Bill Bodar tackles what's on the industry's mind and the waning influence of outgoing Fed Chair Jerome Powell in this week's Master the Markets segment.
Table of Contents
CHATTER
Orders Up: Trump Issues Executive Order Aimed at Regulatory Barriers in Housing
The White House 3-13-26: Layers of unnecessary regulatory barriers, slow permitting processes, and onerous mandates at all levels of government have delayed construction, restricted development, and driven up the costs of new housing. These constraints have made housing less affordable for many Americans.
GSEs Following Britney’s Footsteps
GSEs Will Likely Remain Under Conservatorship Until After Midterms
The Trump administration is expected to delay any IPO or move to end the conservatorships of Fannie Mae and Freddie Mac until after the midterm elections, amid housing affordability concerns and congressional skepticism. During a House Financial Services Committee hearing, Chair French Hill (R-Ark.) said the agencies are undercapitalized by up to $200 billion and not ready for privatization, emphasizing the need for congressional oversight and Treasury involvement.
MBA Calls Out Missed Opportunity
MBA Statement on Senate passage of 21st Century ROAD to Housing Act: “Great, but…”
Senate passed the bill 89-10 on 3-12. MBA has concerns:
“MBA supported the underlying House and Senate housing proposals that formed the basis for this bipartisan package and appreciates policymakers’ continued focus on meaningful solutions to address our nation’s housing supply and affordability challenges.
“While the bill that passed today includes many positive provisions to boost housing supply, streamline federal housing programs, expand access to small-dollar mortgage lending, advance manufactured and modular housing, and improve the efficiency of our nation’s housing finance system, MBA and its members have significant concerns with several parts of the bill. MBA Letter to Senate leaders.
Taking Up ARMS
Rates Down, but ARMS Up: Cotality
Homebuyers typically choose adjustable-rate mortgages (ARMs) when interest rates go up. However, even though rates are starting to drop, more people are opting for ARMs.
Most modern ARM buyers plan to refinance or sell before the fixed-rate period ends.
In states like California, the ARM share is as high as 31% because home prices haven't dropped alongside the rates.
For homes in the $400k–$1M range, the ARM share rose to 15% in late 2025.
More in 2nd Place: Experian Report on Second Liens
Approximately 16% of active mortgages carry second liens, representing roughly $522 billion in outstanding balances—and growing
In 2024 alone, second-lien originations exceeded $100 billion and continued to trend upward (Source: Experian MLP dataset)
This info comes via a newly introduced field in Experian’s Mortgage Loan Performance (MLP) dataset: Current second lien balance.
MOVING & SHAKING
loanDepot Goes Back into Wholesale: The company announced that it "has expanded its market presence with the launch of a new wholesale lending channel under the leadership of President of Partnership Lending Dan Peña."
CrossCountry Mortgage Bets Big on Builders:
CCM announced a significant investment in its newly formed Builder Division. The strategic expansion is designed to deepen partnerships with builders nationwide and deliver customized mortgage solutions that support new homebuyers at every stage of the journey. CCM's Builder Division will position CCM to deliver innovative financing solutions tailored to the needs of homebuilders and their clients.
Logan Finance launched "Open Road Elevated," featuring loan amounts above conventional and standard QM limits.
Radian Shuts Down Mortgage Conduit Business - HW
The company told HW that "it is closing its mortgage conduit business after a divestiture process, while continuing to explore strategic options for its title and real estate services."
Out of This World Earnings: Planet Financial 2025:
Total originations: $28.6B - up 58% YoY
Correspondent lending: $24.6B - up 58% YoY
Retail retention: $2.5B - up 52% YoY
Distributed retail: $1.4B - up 65% YoY
Loss Down, Revenue Up: loanDepot Announced Q4, YE Results
The company reported its highest quarterly origination volume since 2022, adjusted net loss to $108M, reported 12% revenue increase, and a drop in margins.
MARKET/INDUSTRY
Mortgage Rates Inch Higher as Housing Activity Picks Up: Freddie
Mortgage Applications Increased 3.2% from One Week Earlier: MBA Weekly Survey for the week ending 3-6-26.
Mortgage credit availability increased in February according to the Mortgage Credit Availability Index (MCAI).
The MCAI rose by 1.1% to 107.1 in February. The Conventional MCAI increased 2.7%, while the Government MCAI decreased by 0.8%. Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 2.9%, and the Conforming MCAI rose by 2.0%.
Won’t Tap That
“In the Money, Not Grabbing It” - Redfin
One in five (19.8%) U.S. homeowners with a mortgage could save money by refinancing to a lower rate. That’s the highest share in over four years and up from just 7% a year ago. These calculations are based on a 6.08% mortgage rate, the average so far this year:
The share of homeowners who are “in the money” for a refinance has hit its highest level in over four years as mortgage rates dip to around 6%
But less than 1 in 10 eligible homeowners have refinanced, even though they stand to save money.
The last time this many homeowners were in the money for a refinance was the end of 2021, when mortgage rates averaged 3.08%, and roughly two in five (39.4%) would have benefited from refinancing. The in-the-money share peaked at nearly 70% at the end of 2020, when mortgage rates plummeted to 2.76% during the pandemic.
Equity Eroded in Q425: Cotallity Calculations
·The average U.S. homeowner lost approximately $8,500 in equity during the past year, but that still leaves the average borrower with about $295,000 in accumulated home equity.
·Total homeowner equity for borrowers with a mortgage totaled $17 trillion in the third quarter of 2025.
·New Jersey, Wyoming, and Connecticut saw the largest year-over-year equity gains. Florida, California, and Arizona saw the largest decreases in equity.
Moving on. Waaaaay on.
Outta Here: Almost 1 in 5 Buyers Plan to Move Far Away - Redfin
Just under one in five (18.8%) house hunters looked to move to a different part of the country in the fourth quarter, according to a new report from Redfin.
That’s up slightly from 17.9% a year earlier and up from 15.9% about five years earlier.
No Growth: Clear Capital Home Data Index Feb ‘26
Foreclosures Up: ATTOM Data Feb ’26 US Foreclosure Report
A total of 38,840 U.S. properties had foreclosure filings, including default notices, scheduled auctions, and bank repossessions, down 4% from January but up 20% from a year ago.
Foreclosure activity rose year over year but remains well below historic norms, indicating continued normalization after pandemic-era lows.
Foreclosure starts totaled 25,928 in February, down 2% month over month but up 14% year over year.
Lenders completed 4,077 foreclosures (REOs) during the month, down 14% from January but up 35% from a year ago.