The top-line originations number held steady compared with the fourth quarter while movements in the mortgage market occurred beneath the surface. United Wholesale Mortgage regained its position as the largest lender in the first quarter.
Potential homebuyers are showing stronger demand for mortgages than they were a year ago, even though interest rates are higher now. Economists at Fannie Mae revised their projections for mortgage originations upward last week.
The current loss-mitigation waterfall has dramatically reduced foreclosure liquidations, suggesting lenders could make more loans to riskier borrowers without increasing expected losses.