Mortgage companies didn't completely lose their appetite for mergers and acquisitions this year despite the sluggish housing market. 

Stratmor Group expects the pace of M&As this year to be less than half of 38 transactions completed in both 2022 and 2023. While the majority of companies are turning profits toward the end of this year, according to the Mortgage Bankers Association, those losing money could be feeling renewed pressure from warehouse lenders funding origination pipelines. 

"We are in a very seasonal market," he said. "In many parts of the country, late Q4 and into Q1 next year are going to be lean."

Still, the number of transactions will exceed the 13 completed in 2020, when rates dipped and every mortgage player was enjoying profits, Graham added. National Mortgage News spoke with the industry veteran about the M&A environment today, where interest has picked up, and how the incoming Trump administration could affect future transactions. 

This interview has been edited for length and clarity.