Much of the decline came right at the top as Wells Fargo reported a drop of $19.85 billion in total mortgage servicing during the first quarter.

Within the White House, the administration’s point person on GSE issues is Andrew Olmem, who serves on the National Economic Council. Prior to joining the NEC in 2017, Olmem was a partner at Venable, LLP. He also served as the Republican chief counsel and deputy staff director of the Senate Banking Committee.

Noting the disparity, analysts at Wells Fargo Securities suggested that Google search trends provided a more realistic gauge of potential refi activity and prepayment speeds.

A top CFPB official has defended the bureau’s proposed payday lending rule on Capitol Hill as state attorneys general weighed in to oppose the proposal, noting it will limit states’ ability to protect consumers.

The government-sponsored enterprise sloughs more reperforming loans and nonperforming loans from its portfolio.