Federal Reserve officials' concerns about inflation and the tighter monetary policy they've put in place to address it have markedly changed housing finance in 2022.

These developments have resulted in the sharpest runup in mortgage rates seen in over three decades, slashed mortgage origination volumes, and generally contributed to a volatile market environment. However, they also finally gave the servicing side of the market a chance to exercise its countercyclical benefits after years of lower rates.

Some examples of the various ways the Fed's actions reverberated throughout the mortgage market in the past year can be found in the National Mortgage News retrospective that follows.