Following UWM's announcement, CrossCountry Mortgage modified its bid for Two Harbors.

The ARMs were predominantly originated by Ally Bank, and have seasoned for an average of nearly five years.

Bob Broeksmit, president and CEO of the Mortgage Bankers Association, is optimistic about Kevin Warsh’s appointment to lead the Fed.

UWM’s correspondent sales of jumbo mortgages totaled $6.91 billion, down 8.6% from 2024.

“Potential homebuyers shrugged off the current economic and mortgage rate uncertainties and returned to the market,” said Joel Kan, a vice president and deputy economist at the MBA.

Figure Technology Solutions is looking to offer traditional first-lien purchase mortgages, among many other products.

Leaders at FICO and VantageScore offered contrasting details on how the GSEs are implementing use of VantageScore 4.0.

Two Harbors said the structure of UWM’s offer is “fundamentally illusory and predatory,” noting that UWM’s stock price has been declining, among other issues.

April issuance was the highest monthly total since June 2022, when the market was coming down from the euphoria of the COVID-19 rally.

Typically, when interest rates decline — as they did for much of the first quarter — the retention rate increases.