{"id":62333,"date":"2026-02-19T03:05:10","date_gmt":"2026-02-19T02:05:10","guid":{"rendered":"https:\/\/housesmarketplace.com\/bank-capital-relief-may-not-quickly-shift-mortgage-market-dynamics\/"},"modified":"2026-02-19T03:05:10","modified_gmt":"2026-02-19T02:05:10","slug":"bank-capital-relief-may-not-quickly-shift-mortgage-market-dynamics","status":"publish","type":"post","link":"https:\/\/housesmarketplace.com\/ru\/bank-capital-relief-may-not-quickly-shift-mortgage-market-dynamics\/","title":{"rendered":"Bank capital relief may not quickly shift mortgage market dynamics"},"content":{"rendered":"
\n

Regulatory changes to how banks treat mortgage assets \u2014 anticipated<\/a> this week by \u0424\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u044b\u0439 \u0440\u0435\u0437\u0435\u0440\u0432<\/a><\/strong><\/strong> Vice Chair Michelle Bowman \u2014 may have an impact on the mortgage market over time, analysts said.<\/p>\n

\u201cThe near-term impact on the mortgage market is likely to be somewhat limited,\u201d \u041a\u0438\u0444, \u0411\u0440\u0443\u0439\u0435\u0442\u0442 \u0438 \u0412\u0443\u0434\u0441<\/strong> (KBW) analysts wrote in a report published Tuesday. \u201cThere are few large banks limiting their participation specifically due to the capital treatment of mortgages or MSRs.\u201d<\/p>\n

Bowman, speaking at the \u0410\u043c\u0435\u0440\u0438\u043a\u0430\u043d\u0441\u043a\u0430\u044f \u0430\u0441\u0441\u043e\u0446\u0438\u0430\u0446\u0438\u044f \u0431\u0430\u043d\u043a\u0438\u0440\u043e\u0432 <\/strong>(ABA)\u2019s 2026 Conference for Community Bankers on Monday, said the Fed will propose recalibrating the capital treatment of \u043f\u0440\u0430\u0432\u0430 \u043d\u0430 \u043e\u0431\u0441\u043b\u0443\u0436\u0438\u0432\u0430\u043d\u0438\u0435 \u0438\u043f\u043e\u0442\u0435\u043a\u0438<\/a> (MSRs) and increasing risk-weight sensitivity for residential mortgages held on bank balance sheets.<\/p>\n

Banks currently apply a 250% risk weight to MSRs, while mortgages held on balance sheets generally receive a standard 50% risk weight.<\/p>\n

While regulators intended these requirements to limit excessive bank concentration in volatile, high-risk and less-liquid MSRs, they also contributed to reduced bank participation in the space. Bank shares of mortgage originations and MSR ownership fell from roughly 60% and 95%, respectively, in 2008 to about 35% and 45% by 2023.\u00a0<\/p>\n

Mario Ichaso, \u041a\u043e\u043c\u043f\u0430\u043d\u0438\u044f "\u0423\u044d\u043b\u043b\u0441-\u0424\u0430\u0440\u0433\u043e<\/strong>\u2019s senior agency residential mortgage-backed securities strategist, said the decline in bank participation for residential property (one to four unit) exposures is \u201clikely driven less by capital treatment and more by the structurally diminished profitability of mortgage banking.\u201d<\/p>\n

\u201cIntense competition from nonbank \u043e\u0431\u0441\u043b\u0443\u0436\u0438\u0432\u0430\u044e\u0449\u0438\u0439 \u043f\u0435\u0440\u0441\u043e\u043d\u0430\u043b<\/a> \u2014 many of which continue to expand their technological advantages \u2014 has materially compressed returns,\u201d Ichaso added.\u00a0<\/p>\n

Moving on from Basel III<\/h2>\n

In 2023, the Fed proposed the Basel III \u201cEndgame,\u201d<\/a> which has since been abandoned. The proposal would have reduced the MSR deduction threshold for common equity tier 1 (CET1) capital from 25% to 10% for banks<\/a> with at least $100 billion in assets. Currently, banks subject to advanced approaches face a 10% threshold, while those for smaller regional institutions remain at 25%.<\/p>\n

For mortgages held on balance sheets, it also sought to introduce graduated risk weights based on loan-to-value (LTV) ratios, aligning the U.S. more closely with international standards. But the proposal drew heavy criticism for including an additional 20% risk-weight add-on.<\/p>\n

In her speech, Bowman<\/a> outlined two forthcoming proposals. One would eliminate the 250% MSR risk weight while seeking comment on an appropriate level. The other would introduce greater risk sensitivity for residential mortgage exposures, potentially tying capital requirements to LTV ratios rather than applying a uniform standard. Bowman did not provide more details.<\/p>\n

\u201cThese potential changes would address legitimate concerns about mortgage market structure while maintaining appropriate prudential safeguards,\u201d Bowman said. \u201cI look forward to receiving feedback from industry and other stakeholders as we consider these modifications.\u201d<\/p>\n

Anticipating the impacts<\/h2>\n

KBW analysts said the most significant impact would likely be on MSRs, where banks can generate stronger returns on equity than nonbanks, assuming similar servicing costs. This is due to their ability to utilize escrow<\/a> deposits. Nonbanks, by contrast, have more limited access to leverage.\u00a0<\/p>\n

For originations, analysts noted that revised capital rules could provide more favorable treatment for low-LTV (below 50%) loans.<\/p>\n

\u201cIt\u2019s possible that banks could offer better rates on low-LTV adjustable-rate mortgages (ARMs) that they can hold on balance sheet,\u201d the KBW analysts wrote. \u201cPre-GFC, there were many banks\/thrifts that focused on portfolio mortgage lending of ARMs, and a more favorable capital regime could help revive some of this activity.\u201d<\/p>\n

Ichaso added that some institutions may become more willing to compete for market share in an environment where nonbanks dominate originations but lack the capital buffers inherent to the banking system.<\/p>\n

Such a shift could also affect the \u0432\u0442\u043e\u0440\u0438\u0447\u043d\u044b\u0439 \u0440\u044b\u043d\u043e\u043a<\/a>, since greater mortgage retention by banks would likely reduce securitization rates. It would lead to lower net issuance of conventional MBS.\u00a0<\/p>\n

\u201cOn the margin, agency MBS pools may skew slightly toward higher LTVs as lower-LTV loans are retained by banks,\u201d Ichaso said. \u201cThe more meaningful impact may occur in nonagency markets, where prime jumbo issuance has been more active. Depending on the recalibration, high-balance, low-LTV loans could see increased on-balance-sheet retention, potentially reducing nonagency MBS supply.\u201d<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Regulatory changes to how banks treat mortgage assets \u2014 anticipated this week by Federal Reserve Vice Chair Michelle Bowman \u2014 may have an impact on the mortgage market over time, analysts said. \u201cThe near-term impact on the mortgage market is likely to be somewhat limited,\u201d Keefe, Bruyette & Woods (KBW) analysts wrote in a report […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-62333","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nBank capital relief may not quickly shift mortgage market dynamics - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.com\/ru\/bank-capital-relief-may-not-quickly-shift-mortgage-market-dynamics\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank capital relief may not quickly shift mortgage market dynamics\" \/>\n<meta property=\"og:description\" content=\"Regulatory changes to how banks treat mortgage assets \u2014 anticipated this week by Federal Reserve Vice Chair Michelle Bowman \u2014 may have an impact on the mortgage market over time, analysts said. \u201cThe near-term impact on the mortgage market is likely to be somewhat limited,\u201d Keefe, Bruyette & Woods (KBW) analysts wrote in a report […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/housesmarketplace.com\/ru\/bank-capital-relief-may-not-quickly-shift-mortgage-market-dynamics\/\" \/>\n<meta property=\"og:site_name\" content=\"Houses Marketplace\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-19T02:05:10+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u041d\u0430\u043f\u0438\u0441\u0430\u043d\u043e \u0430\u0432\u0442\u043e\u0440\u043e\u043c\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u041f\u0440\u0438\u043c\u0435\u0440\u043d\u043e\u0435 \u0432\u0440\u0435\u043c\u044f \u0434\u043b\u044f \u0447\u0442\u0435\u043d\u0438\u044f\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 \u043c\u0438\u043d\u0443\u0442\u044b\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/housesmarketplace.com\/#website\",\"url\":\"https:\/\/housesmarketplace.com\/\",\"name\":\"Houses Marketplace\",\"description\":\"International Real Estate\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/housesmarketplace.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"ru-RU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/housesmarketplace.com\/bank-capital-relief-may-not-quickly-shift-mortgage-market-dynamics\/#webpage\",\"url\":\"https:\/\/housesmarketplace.com\/bank-capital-relief-may-not-quickly-shift-mortgage-market-dynamics\/\",\"name\":\"Bank capital relief may not quickly shift mortgage market dynamics - 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