Banks and thrifts reported a slight decline in their income from mortgage-banking activities in the second quarter, according to new call-report data. (Includes data table.)

Several top nonbank lenders took significant writedowns on MSR during the second quarter, but the damage was less severe than in the previous period. Meanwhile, production-related income was up. (Includes data table.)

Bilt is a payments platform that offers rewards to consumers. The company recently received a $100 million investment from United Wholesale Mortgage at a valuation of $10.75 billion.

Production-related income rose smartly for most banks in the second quarter of 2025 but generally didn’t keep pace with higher originations volume. Results were mixed on the servicing side. (Includes data table.)

Rocket Mortgage is leaning on artificial intelligence to improve lending efficiency. The nonbank is wrapping up its acquisition of Mr. Cooper and already seeing benefits from its acquisition of Redfin.

Mortgage rates aren’t expected to move down much even if the Fed cuts interest rates next month; GSE economists slash projections for home price appreciation; ICE integrates origination and servicing platforms to originate home equity loans; majority of homeowners feeling financially stressed.

Although mortgage production and loan sales fell in the first quarter of 2025, banks and thrifts saw a significant increase in income from mortgage-banking operations. (Includes two data tables.)

Mortgage-banking income at banks increased by 65.6% on a sequential basis in the first quarter. Losses were rare among 358 banks reporting mortgage activity in call reports, though Bank of America took a hit. (Includes data table.)

Nonbanks reported a huge decline in servicing income during the first quarter, on the heels of a bonanza driven by MSR markups in the prior period. Meanwhile, gain-on-sale revenue fell as loan production volume declined sharply. (Includes data table.)

Many banks reported sharp declines in mortgage originations — and income derived from it — in the first quarter of 2025. But gains from MSR hedging activity made up for the decline in production. (Includes data table.)