Then again, the fourth quarter of 2020 was a tough act to follow as CMBS issuance hit an all-time record of $86.94 billion...

“March 31 servicing marks were up significantly from where they were at Dec. 31,” said George Christo, executive vice president of The Prestwick Group.

Both companies — wards of the federal government since the fall of 2008 — have benefitted from record originations, which in turn have juiced secondary market transactions, and subsequently their profits.

Has Ocwen CEO Glen Messina finally righted the ship at the nation's 17th largest residential servicer? We'll know in the quarters ahead.

The upfront MIP is 175 bps of the base loan amount on a 30-year fixed-rate FHA single-family loan. Most FHA borrowers pay an annual MIP of 85 bps for the full life of the loan.

On the plus side: revenues at Freddie increased 4.9% from the fourth quarter of last year...