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The oversight agency for two government-sponsored enterprises sent out an image from President Trump over the weekend depicting a public offering for some of their shares near term but experts question the timing.The illustration from President Trump's Truth Social post, like some others he's posted around his policy initiatives, is designed to depict an idealized vision. This one shows "the Great American Mortgage Company" listing on the New York stock exchange in November 2025.While the social media post is far from literal, it confirms other signals the current administration is planning to work near-term on long-delayed plans to make Fannie Mae and Freddie Mac — or at least part of them — more like other publicly-traded entities again."One thing we are clear on: transforming and ideally monetizing the GSEs is clearly a priority of this administration," said Bank of America's Jeana Curro, Chris Flanagan and Ge Chu in a mortgage-backed securities research report published Sunday.The question is whether it can be done quickly enough and deliver the payoff the government seeks.What analysts think of the envisioned offering so farThe prospects for fulfilling reported government plans to sell 5 to 15% of the shares at a valuation of $500 million and raising $30 billion in proceeds before year-end is "very unlikely," Keefe, Bruyette & Woods analysts Bose George and Frank Labetti said in a report Monday.Given what's been reported to date, KBW estimates that the valuation could be closer to half the stated amount."We think the key factor remains current minimum capital, which is roughly 4.25% of assets for both companies and results in estimated run-rate ROEs of 7 to 9%," the analysts said in their report, referring to the enterprises' return on equity."We believe investors won't be willing to buy shares of companies with such low ROEs," they added.A public offering likely calls for a new capital rule, which typically requires a comment period, according to the KBW analysts.The Bank of America strategists also indicated that capital requirements would play a key role in a public offering as would how the government's stake in the GSEs and President Trump's commitment to an implicit guarantee would be handled."We believe that the implicit guarantee was (and probably remains) the main concern in the market. While capital levels are important for safety and soundness, the liquidity that the GSEs provide through the secondary market is based on their implicit guarantee," they said.Although views are mixed on the Trump administration's push for a public offering while keeping government links to the GSEs, Bank of America strategists see the logic if the aim is near-term action."Our high level view remains that taking the GSEs out of conservatorship remains far too complex an idea to be tackled this year," they said.Putting a potential record-setting offering in perspectiveThe offering envisioned for Fannie and Freddie would be off the charts in terms of other stock-market launches, according to a report from Walt Schmidt, senior vice president of mortgage strategies at FHN Financial, which notes only three global public offerings on record have raised more than $20 billion.However, it would be difficult to immediately use proceeds from a public GSE offering for anything but debt reduction. Schmidt noted that $30 billion is "only a drop in the bucket compared to U.S. government deficits," which number in the trillions, as does the MBS market the enterprises back.The report suggested weighing what's to be gained from an offering against the risk of any upset to the existing market carefully in light of these numbers."In the context of making sure that a $7+ trillion MBS market that provides more than half of the home financing in the U.S. is not unduly disrupted, any move away from conservatorship must be very well planned and executed," Schmidt said.

John Bell III, executive director of the Department of Veterans Affairs' Loan Guaranty Service, is leaving his role. The longtime mortgage professional and U.S. Navy veteran had been the executive at LGY since 2022, and spent 15 years at the VA, according to his biography. In a Linkedin post late Sunday night, he announced his final day at LGY, but did not say if he was resigning, retiring or moving on to another role. "After three decades dedicated to mortgage finance, spanning roles in the private sector and VA Housing, today marks my final day at LGY," his post read. "… It has been an honor leading the exceptional team at LGY, and I am grateful for the chance to contribute to such meaningful work."His announcement included a list of accomplishments at the VA, including creating efficiencies in loan processing and assisting nearly 150,000 veterans in avoiding foreclosure in the past year alone. Bell also noted the VA mortgage market share rose from under 1% to 14% today. Industry veterans including former leaders of government housing agencies congratulated Bell on social media. Bell's email address was disabled Monday morning, and the VA didn't return an immediate request for comment. According to his biography and LinkedIn, Bell began his career in mortgage finance in college in Tennessee, and held posts at various lenders. Prior to the VA, he spent seven years at Bank of America where he oversaw the company's VA loan portfolio. The LGY leader led the VA's home loan arm through many changes, including most recently the passage of a foreclosure prevention bill to replace a post-pandemic program. The VA with the previous iteration purchased over 17,000 loans worth over $5 billion in a 12-month span.Under Bell's leadership the VA modernized its technology, allowing lenders to directly submit mortgages from a loan origination system to the VA, and adding a new digital portal for lenders to track maintenance tasks. The VA in 2023 also changed its oversight policies to address appraisal bias.According to Bell's post, the VA also trimmed average days to close from 60 days to 30, and cut eligibility determinations from 22 business days to a single day. The VA portfolio also grew to $1.5 trillion, he said. The Trump administration caused some consternation at the VA earlier this year, as the Department of Government Efficiency claimed to terminate four contracts totalling $59 million related to LGY operations. In a March hearing, Bell could not explain to lawmakers how DOGE had impacted LGY, and it's been unclear since if the VA's mortgage department lost staff or resources.

Freddie Mac has expanded its program for loans on real-property factory-built homes that have features in common with traditional houses like pitched roofs, attached garages and permanent foundations.The government-sponsored enterprise said it is now buying single-section CrossMod homes loans for the first time, making it possible for borrowers to get reduced rates for housing available at lower price points, with a 3% down payment option.Freddie has purchased generic real-property single-wides that meet Department of Housing and Urban Development manufactured-housing standards. But the GSE previously limited its CrossMod activity to loans on multisection homes.The expansion in the types of Freddie Mac-financeable homes that meet the Manufactured Housing Institute's CrossMod standards adds to signs of revived interest in factory-built units amid a shortage of entry-level homes in many markets."Freddie Mac's support for modern single-section factory-built homes will play an important role in creating and promoting affordable housing," said Sonu Mittal, executive vice president and head of single-family acquisitions at Freddie Mac, in a press release.How single-section CrossMod loans help with affordabilityThe average traditional house tops $500,000 in the United States, according to Freddie. Multisection CrossMods with land, which Freddie's been funding for several years, average around $300,000. Single-section CrossMods with land usually price closer to $200,000.Without the garage, single-section CrossMods run around 1,000 square feet in size while the multisection equivalent is closer to 1,600. CrossMods also require some energy efficient features aimed at reducing some of the longer-term costs of homeownership.Making lower-rate financing available for less costly, modernized factory-built homes may not be a cure-all in terms of the many entry-level supply challenges, including materials costs and policy uncertainty, but it is a step in the right direction."Savings may be obtained from improved technology, use of AI, and less reliance on one-site labor, which will be in shorter supply," said Selma Hepp, chief economist of Cotality. "I agree that focusing on manufactured units would help alleviate some of the affordability challenges."But Hepp also noted that factory-built housing is not currently a big factor in supply.While today's inventory may be relatively small, potential is big, with Freddie's financing potentially boosting a currently limited supply of single-section CrossMod units by addressing "which came first, the chicken or the egg" relationship between the homes and the loans.Clayton Homes, which launched a model for single-section CrossMods back in 2022, is hopeful it will open up the market that traditional homebuyers, Realtors and developers circulate in such a way that it will be attractive to offer more inventory."It makes it a more attractive development tool to builders out there," said Ramsey Cohen, who works in national sales at Clayton Development Group.A way to mitigate some zoning challengesAnother challenge to affordable housing have been local housing regulations, which can be considerable. Single-section CrossMods may address these both in terms of conforming more closely with traditional home features and by being more likely to be accommodated on smaller lots. Traditional home features also mean they're more comparable to site-built for appraisal purposes."It fits very well for urban infill projects, fitting existing lots where they are maybe vacant or a home needs to be torn down and taken out because it's just not livable. It can fit that footprint," Cohen said. "If you're doing a ground-up development, the single section allows you greater density, because they don't need as much space. So it's not just a price point."Also, CrossMods are a form of manufactured rather than modular housing, so its standards are overseen nationally by HUD, pre-empting some local building codes.Part of a larger trend toward smaller, factory-built homesBoth HUD and Freddie's regulator, Bill Pulte, have pushed to do more in manufactured and modular housing as a way of furthering the creation of affordable inventory, and the private sector has taken notice too.There has been buzz in the market about Boxabl, a modular builder of small factory-built homes, and its plan to go public through a $3.5 billion Special Purpose Acquisition Company deal. Freddie's announcement has less relevance to Boxabl according to Tomo Mortgage Senior Vice President Emanuel Santa-Donato, who also is the company's chief market analyst."Freddie Mac's expansion applies only to HUD-code manufactured homes, including single-section units. It does not apply to modular homes like those built by Boxabl. Modular homes are regulated at the state level, not by HUD, and are already treated like site-built homes in the mortgage system," he said in an email.The small size of the loans for Boxabl homes, which have been base priced below $100,000 in some cases, could still make financing them challenging. Large loans offer more attractive economics for lenders and some shy away from those below a certain size.However, others value small starter homes as a way to gain customers that might move on to bigger properties later.While the manufactured housing market Freddie Mac is expanding into remains relatively small, it has shown signs of short-term momentum over the past year."Manufactured homes accounted for approximately 10% of all new single-family housing starts as of late 2024, with over 42,000 homes built in the first five months of 2024 alone, up nearly 20% year-over-year," Santa-Donato said."For many homebuyers priced out of traditional options, this shift opens up one of the few remaining paths to affordable homeownership," he said.

A pool of residential mortgages, a substantial amount of which are not subject to ability-to-repay rules or had been modified several years ago, will provide collateral for $263.9 million in residential mortgage-backed securities (RMBS) from the PRPM 2025-RCF4 deal.Some 16.2% of the loans in the collateral pool have been modified. In the case of 66.7% of them, the modification happened more than two years ago, according to ratings analysts at Morningstar | DBRS. Meanwhile, about 35.6% of the loans in the pool are not subject to ability to repay rules, or they are exempt from them.PRPM 2025-RCF4 will issue notes through seven tranches of class A, M and B notes. Asset Securitization Report's deal database expects a coupon of 4.5% on the A1 through M2 tranches, compared with a 5.25% coupon on the most previous deal, the PRPM 2025-RCF3.Nomura Securities International is the manager, according to ASR's database, while J.P. Morgan Securities, Barclays Capital, and Goldman Sachs are also on the deal as initial purchasers.Meanwhile, SN Servicing, Fay Servicing and Rushmore Servicing are the servicers, according to DBRS, which added that the deal has a final maturity date of August 2055.The deal is expected to close on August 29, according to ASR's database.In this so-called "scratch and dent" mortgage securitization, just 3.5% of home loans in the collateral pool are new originations. Otherwise, 33.4% are reperforming loans (RPL) or nonperforming loans (NPL), while scratch and dent account for 48.6%. Non-QM mortgages account for 14.5% of the pool, DBRS said.DBRS assigns AAA ratings to the class A1 notes; AA to the A2 notes; A to the A3 notes; BBB to both the M-1A and M-1B and BB to the class M2 notes.

You don’t hear about a mortgage lender having a sale very often.But Chase is bucking the trend by offering discounted mortgage rates this month.The limited-time mortgage rate discount doesn’t last long though.The NYC-based bank is only offering it until August 18th, so there’s not much time to act.You also have to determine if the sale is even worth it relative to offers from other lenders.Snag a Chase Mortgage Rate Discount Until August 18thFrom now until August 18th (just 10 days left!), Chase is offering a mortgage rate discount.While they didn’t explicitly state what that discount is, multiple sources have said it’s up to a quarter point, or 0.25%.For example, if the advertised rate were 6.375%, which is what I saw for a 30-year fixed today on the Chase website, you could possibly lock in a rate of 6.125% instead.That’s pretty competitive, though you also need to know what the lender fees are, such as loan origination fee (if applicable), or if it requires any discount points.Chase is also advertising a 7/6 ARM at 5.625%, which is pretty decent as well from what I’ve seen around.Knock that down to say 5.375% and it’s not too shabby.Note that these rates assume you’re making a 20% down payment on a single-family home purchase with a conforming loan amount. And it probably assumes you have excellent credit too.In addition, refinances aren’t eligible for this promotion, so it’s geared toward home buyers only.Loan amounts are capped below $2 million, so while you can get a jumbo loan, it can’t be $2 million or higher.I don’t know the criteria for how Chase determines the up to 0.25% discount. Or why it might be less, such as only 0.125% off.Either way, it’s not a massive discount by any stretch, but it is cool to see a bank/lender offer a discount to begin with.You just don’t see it very often in the mortgage space, so I give them props for going out on a limb and doing it.Now the million-dollar question I always ask: Is it a good deal!?!Is the Limited-Time Rate Drop Enough to Consider Chase for Your Mortgage?Whenever mortgage deals or specials pop up I write about them and then discuss if they’re a good deal.By good deal, I generally mean good enough to use said bank or lender versus the competition.The thing with mortgages is they’re complex, so you’ve got to consider myriad factors.That includes the mortgage rate itself, the fees involved, collectively known as the mortgage APR, and the reputation of the company in question.Obviously Chase is a massive bank and if you didn’t know, a very big player in the mortgage industry. They are far and away the top depository bank when it comes to home loan lending.Of course, banks are known to be a little sluggish relative to nonbank lenders, who tend to be fast.Granted, they offer their “Chase Closing Guarantee,” so if you’re worried about speed and competence, the company at least backs it up.That brings us to pricing. As noted, the discount is only up to 0.25% off. It’s not huge.On a $500,000 loan amount we’re talking about $80 difference per month if you get the full discount.You’ll then need to compare that to what a competing lender can offer. Perhaps a different lender can offer a rate that’s even lower, even without any so-called discounts.Assuming the lender fees are comparable or better, then Chase might not be the best deal, even with their discount.So shop wisely, and by all means actually shop. Don’t just get one quote and call it a day. See what else is out there!For the record, if you take advantage of this offer, your loan must be locked by no later than August 18th, 2025.Read on: How are mortgage rates determined? Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 19 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.Latest posts by Colin Robertson (see all)

Al Drago/Bloomberg The Consumer Financial Protection Bureau is proposing reducing supervision of all but the largest nonbanks in four key markets: auto financing, consumer credit reporting, debt collection and international money transfers. The move aligns with the bureau's new priorities of reducing regulations, slashing staff and cutting funding. Acting CFPB Director Russell Vought on Friday proposed redefining how many companies would qualify as "larger participants," that would subject them to oversight by the bureau to ensure compliance with federal consumer financial laws. Supervision subjects companies to range of activities including examinations, information requests, and ongoing monitoring, to assess risks to consumers and the overall market. Vought has proposed raising the revenue threshold for nonbanks in four key markets that would have the effect of reducing overall nonbank supervision, aligning with the leadership's deregulatory priorities. The CFPB is seeking comments on its advance notice of proposed rulemaking by Sept. 22.In April, the CFPB issued a memo outlining its priorities to focus almost exclusively on supervising large banks while reducing supervision of nonbank competitors, some of which offer nearly identical products and services. The bureau has issued six larger participant rules since 2012 that define supervision of nonbanks. "The bureau is concerned that the benefits of the current threshold may not justify the compliance burdens for many of the entities that are currently considered larger participants," the proposal states. "The current threshold may be diverting limited bureau resources to determine whom among the universe of providers may be subject to the bureau's supervisory authority and whether these providers should be examined in a particular year."The change would provide extensive relief to nonbanks that had been subject to CFPB exams. "From an industry standpoint, it would be a relief because CFPB supervision is extremely burdensome to prepare for and deal with," said Chris Willis, a partner at the law firm Troutman Pepper.Under the Trump administration, it is unclear if the CFPB is conducting any supervisory exams of banks or nonbanks. Vought is currently locked in a legal dispute with the National Treasury Employees Union and is seeking to issue a reduction in force to fire up to 1,500 employees at the agency. Because of the Trump administration's efforts to fire civil service employees, the CFPB has limited rulemaking resources. It is already in the process of writing a new open banking rule to protect consumer financial data rights and is tapping employees at the Office of Management and Budget, an agency also headed by Vought, to help out with rule-writing. Vought is seeking comment on 13 specific questions as part of the effort to redefine larger participants including whether there should be a different revenue threshold or other criteria.The CFPB wants to address the costs and benefits to consumers if it makes a change to the threshold test, and whether raising the threshold would impact the bureau's ability to address potential market failures. One of the questions asks: "Are there costs or benefits to consumers, including rural consumers, servicemembers, and veterans, of raising the larger participant threshold?"The CFPB also wants to know if small- or mid-size companies should qualify as larger participants and whether there are "significant recordkeeping requirements that would be reduced by raising the larger participant threshold."Supervision is a confidential process and while financial institutions often prefer the anonymity of regulatory actions, the agency also used the process to make changes to practices it discouraged, such as overdraft fees. Under the Biden administration, the CFPB was able to exert pressure on banks to cut back or eliminate overdraft fees entirely. For example, in 2023 under former CFPB Director Rohit Chopra, the CFPB touted that it was able to refund $140 million to consumers largely for overdraft fees and non-sufficient funds fees that the bureau claimed were "illegal junk fees." Vought's move isn't the final say, however. While the current leadership at the CFPB can go through the notice-and-comment rulemaking process to change the annual revenue threshold for larger participants, another administration could go through the same process to lower the thresholds in the future.

Cypress Loan Servicing received an assurance of discontinuance from Massachusetts Superior Court in Suffolk County after agreeing to pay $2 million to settle legacy allegations.The payment by the company, which previously operated as Rushmore Loan Management Services, will go toward a state penalty and borrower restitution. The court agreement calls for business practice change and monitoring. It does not admit or prove wrongdoing.Massachusetts Attorney General Andrea Joy Campbell's statements about the settlement point to renewed interest within the state related to enforcing laws around ensuring servicers follow debt collection protocols.Campbell said in a press release that the settlement "will help ensure compliance with meaningful consumer protections and put mortgage servicers on notice that Massachusetts will not tolerate unlawful practices that put profit over people."The company could not immediately be reached for comment at deadline.Cypress sold its loan portfolio and had rebranded as a master loan servicer "but retains the ability to subcontract direct loan servicers," according to the Massachusetts AG's press release. The company also retains the ability to work with borrowers again in the future.The state's concerns centered in part on loan modification allegations related to state rule 35B, which requires ability-to-repay assessments, timely responses to applications when information is missing, written assessments and disclosures essential for negotiation."In many instances, Cypress unlawfully required consumers to pay large upfront down payments that were not subject to an affordability analysis as a threshold requirement to entering an otherwise affordable loan modification," the AG alleged.The AG also alleged that the company did not follow debt collection rules around call limits and disclosures.In terms of business practice requirements, the agreement with the state requires the company to ensure that its subservicers are compliant. If the company returns to its role as a direct servicer, it will "implement detailed business practice changes targeting past noncompliance."The state AG also entered into an agreement from Franklin Credit Management late last year that settled alleged violations of debt collection rules calling for certain types of borrower communication and good-faith efforts to avoid foreclosure.In that settlement, the company agreed to pay a $300,000 penalty and cease collections on a portfolio of old second liens in the state begun after a long period of inactivity. The move effectively erased $10 million in borrower debt related to so-called zombie seconds.Zombie seconds also were the focus of legislation nearby Connecticut Gov. Ned Lamont signed earlier this year. That law aims to protect consumers with second liens established more than 10 years ago and points to broader scrutiny of this issue at the state level.Other recent mortgage-related enforcement actions the Massachusetts AG has pursued include a lawsuit against home-equity investment platform Hometap which alleges the company violated consumer protection laws prohibiting deceptive marketing practices, causing foreclosure risk.The company said none of the 563 clients it has initiated 10-year agreements with since its founding in 2018 have reached the end of their terms or reported foreclosure."Hometap firmly believes in the integrity of our products," the company said in a statement early this year.

Steven T. Kolyer, recognized as a leading securitization industry lawyer, has joined Cadwalader as co-head of its commercial real estate, collateralized loan obligation practice.Kolyer is based in New York and brings broad experience in securitizations, structured credit products, fund formation and finance, and in CLOS, both corporate and real estate, according to a statement from the firm.Throughout Kolyer's career—which includes a partnership at Sidley Austin, according to a Bloomberg profile—he innovated securitization structures with commercial real estate and residential mortgages, commercial and consumer receivables. He also broke new ground in various CRE structures, corporate CLOs, CFOs and other actively managed fund products, the firm said.He is also a nationally recognized securitization lawyer, with listings in The Legal 500 U.S., as a "hall of fame" inductee and a "leading lawyer" in structured finance.Kolyer joins the firm among a recent influx of partners to join the firm in 2025 including Doug Murning and Matt Worth, in fund finance, financial regulation, financial restructuring and special situations, infrastructure finance and leveraged finance, the company said.

The national property tax delinquency rate accelerated last year, with data indicating potential emerging financial strain among some segments of mortgage borrowers.The share of property tax delinquencies across the U.S. increased to 5.1% in 2024, rising from 4.5% one year earlier, according to a new report from real estate data provider Cotality. The research analysis solely covered the approximately 8 million mortgages where tax and insurance payments are not held in a separate escrow fund.   While the increase raises concern about some borrowers' ability to pay, the 2024 rate still came in below the recent historical average of 5.5% from 2012 to 2025. The last year property tax delinquencies surpassed 2024's level was in 2017, when it came in at 5.5%. By comparison the delinquency share sat at 8.2% in 2012 after the Great Financial Crisis.  But rising home prices in the past six years have similarly increased mortgage holders' financial burdens in the form of higher taxes owed. Since an all-time low delinquency level of 4.3% was recorded in 2019, the amount of property taxes owed has increased 27% on a nationwide basis, Cotality found. "Many homebuyers assume that securing a mortgage means locking in stable monthly payments for the long term. However, rising home values often lead to higher property taxes, and over the past six years, this has become a reality for many homeowners," said Molly Boesel, Cotality's senior principal economist, in a press release. Tax totals surged by more than 50% for homeowners in Colorado and Georgia. At the same time, states where average amounts due require the biggest share of a household median income were Vermont and Illinois at 11.2%. "Whether they're paying off a mortgage or own their home outright, rising monthly costs can put pressure on household budgets. Those without sufficient financial buffers, such as steady income or savings, may find themselves struggling to keep up with growing tax bills," Boesel continued. How delinquencies vary by stateParts of the country where the highest rate of tax delinquencies appeared in 2024 were spread across the U.S., led by Mississippi with a 13.8% share, followed by New Jersey and West Virginia at 9.9% each. The District of Columbia and New Mexico rounded out the top five at 9.5% and 9.4%. With the exception of the nation's capital, all of the leading states also rank among the top five in the historical 2012-to-2023 time frame. State unemployment rates correlated strongly with homeowners' ability to keep up with property tax collections, Cotality said. States with the highest share of overdue payments also tended to have unemployment rates above the national 4.1% average. Three of the top six reported unemployment rates higher than the current mean.On the other end, states where unemployment came in below the national average also ranked on the low end of property tax delinquency rates. Wisconsin had the smallest delinquency rate at 1%, followed by North Dakota at 1.1% and Wyoming at 2.3%. The three states also rank among the leading states for the lowest delinquency shares historically. Cotality also found variation in delinquency rates between tax-lien and tax-deed states. In tax-lien states, where a property will not be sold unless the owner fails to pay off the lien in a set term, the share of delinquencies was 6.2% in 2024. The number fell to 4.9% among tax-deed jurisdictions, where local governments are able to sell the properties to cover the outstanding debt.While housing researchers regularly note that the performance of the U.S. mortgage market remains solid, the rise in property tax delinquency levels corresponds with growing stress that has shown up in some pockets of mortgage borrowers. Loan delinquencies increased 5.2% year over year in May, ICE Mortgage Technology reported. Accounting for much of the rise were late payments on Federal Housing Administration-guaranteed mortgages often taken out by first-time homebuyers.   While FHA-backed loans make up approximately 12% of the U.S. mortgage market, they account for more than one-third of delinquent debt, according to data from the Federal Reserve Bank of New York. 

Pennymac is continuing to restructure its debt, pricing another offering this week. The correspondent leader priced $650 million of 6.750% senior notes due 2034 on Thursday. The company said it will use the proceeds to repay borrowings under its secured mortgage servicing rights facilities, other secured debt and general corporate purposes. The move follows two larger offerings in the first half of this year, as Pennymac has a combined $4.25 billion across six outstanding unsecured notes as of the end of the second quarter. The latest bonds will be offered only to institutional investors and won't be registered with the Securities and Exchange Commission. The company's other debt restructuring moves this year, according to financial filings, include: Priced $850 million of 6.875% senior notes due 2033 in FebruaryPriced $850 million of 6.875% senior notes due 2032 in MayRedeemed $650 million in 5.375% senior notes which were due October 2025 in MayRedeemed $500 million in 4.25% term notes due in May 2027 in JuneThe most recent offering is expected to close Tuesday. The interest is payable semi-annually beginning next February. The industry's second-largest producer and sixth-largest servicer has fared relatively well in recent quarters despite headwinds in the mortgage market. The company reported last month second quarter net income that surpassed quarter and year-ago periods. Pennymac has also made significant strides to capture a larger share of the wholesale market. Lenders are still entering the debt markets in recent months as demand for home loans hasn't shown signs of drastic improvement. Private mortgage insurer Essent Group in June priced a $500 million offering to repay borrowings related to a credit facility, while Angel Oak Mortgage REIT priced a smaller $42.5 million offering to cover non-qualified mortgage acquisitions. Rocket Cos. meanwhile priced a combined $4 billion in senior notes in June, in part to pay off Mr. Cooper's looming senior notes ahead of its anticipated acquisition.