During summer months, when loan officers are more likely to be overworked, denial rates on refinance applications increase, a sign of credit rationing, according to CFPB researchers.

Waterstone Financial relents on defense against poaching allegations; Mr. Cooper takes loss on sale of Flagstar’s third-party originations unit; legal expenses rise at Mr. Cooper.

AGNC watched as volatility rocked the agency MBS market this month. The REIT counted on its cash and liquidity to avoid selling assets at a loss. Other REITs also survived unscathed.

During the early days of the pandemic, mortgage rates dropped, reducing the value of mortgage servicing rights. This month, while tariff-related volatility prompted spreads on agency MBS to widen, lenders selling loans were helped by rising rates, which increase the value of MSRs.

MBS trading increased in March, but not dramatically. Still, concerns persist, including Treasury yields bucking historical norms. Ginnie Mae delinquencies are also an issue.

Litigation involving the Aloft Houston by the Galleria loan is causing ratings issues for a decade-old commercial MBS deal.

Ohio Attorney General Dave Yost has sued United Wholesale Mortgage for allegedly colluding with brokers to push borrowers into higher-priced mortgages. UWM denied the allegations, noting that it’s not illegal for a broker to send most or all of its business to one lender.

The Trump administration is prohibited from firing more than 1,400 employees at the consumer agency, for now. The next hearing on the case is set for April 29.

The FHFA director believes mortgage fraud is rampant at Fannie and Freddie. That includes allegations that New York Attorney General Letitia James, a nemesis of President Trump, fraudulently obtained GSE-backed loans. James denies the allegations.

First-quarter results are beginning to roll in — along with the news that servicing values were lower than at yearend. With MSR demand red hot, the industry isn’t losing any sleep.