Rocket and Pennymac reduced their portfolios during the first quarter.

“Rocket is no longer solely a rate-driven business,” said Varun Krishna, CEO of the company. “We are a business with durable, recurring revenue streams that also retain significant upside when rates fall.”

The change was prompted by delinquencies, though Fitch analysts said the asset class is still performing above base case expectations.

The transaction includes servicing on 800,000 loans representing about $197 billion in unpaid principal balance.

“The industry forecasts are expecting a step up in Q2 but I would say that we’re just not seeing that,” said Varun Krishna, CEO of Rocket Companies.

Mat Ishbia, president and CEO of United Wholesale Mortgage, said management at Two Harbors is “maybe playing some games” in opting to be acquired by CrossCountry Mortgage rather than by UWM.

The higher loss was due to a combination of an increase in compensation and benefits and a $21.0 million hit from Better’s bank in the United Kingdom, which is now classified as a discontinued operation.

At Freddie, net interest income has increased slightly in every quarter but one over the past three years.

Mike Logozzo, CEO of reAlpha, said the company is putting a greater emphasis on artificial intelligence.

After avoiding questions from analysts during UWM's earnings call for the fourth quarter of 2025, Mat Ishbia spoke via a Zoom video to discuss results for the first quarter of 2026.