KBW said of UWM, "while the shares remain inexpensive, we see limited positive catalysts with rates remaining range-bound at current levels.”

First-quarter earnings reports suggest the reduced size of Fannie Mae’s guarantee book of business may be impacting its market share vis a vis Freddie Mac.

Fannie remains profitable in a tight mortgage market, even though below-the-line expenses shave a little off net income.

FHFA Director Bill Pulte didn't participate in Freddie's first-quarter earnings call, as he did for Fannie's on Wednesday, but his presence was felt.

FHFA's new director made an appearance at Fannie Mae's first-quarter earnings call.

The lender is seeing strong demand from borrowers and the secondary market for non-agency business purpose loans.

Steady growth in retained earnings means Fannie Mae and Freddie Mac now have a large pile of interest-free capital to invest.

Earnings reports from 26 publicly traded banks show just over half reported gains in mortgage-banking income from 3Q to 4Q.

Most of the damage came at Rocket Mortgage and Rithm/Newrez, which took hits on the asset value of their MSRs.

Despite low volumes and hints of trouble in the multifamily space, GSE profits remain remarkably healthy.