Mortgage applications were up 11% on a weekly basis last week.

Volume was up 43.3% from the fourth quarter of 2024.

UWM took a net loss of $247.0 million in the first quarter, largely due to a $388.6 million drop in the fair value of MSRs.

Both originations and servicing could see negative impacts as the Department of Education resumes collecting on defaulted federal student loan payments.

The firms acquire non-agency mortgages and own stakes in non-agency lenders.

“We do believe that tariffs overall will be finalized... and I actually think interest rates will go down because of it,” said Mat Ishbia, chairman and CEO of United Wholesale Mortgage.

Mr. Cooper's owned servicing portfolio declined in the first quarter of 2025, the first decline posted by the nonbank since the second quarter of 2022.

“There are a lot of tailwinds still in MSR values,” said David Sheeler, a senior executive vice president and president of residential servicing at Freedom Mortgage.

The bureau reached agreements earlier this week to resolve two lawsuits.

Steve Harris, president of MIAC Analytics, noted that plenty of investors are interested in non-QMs, helping to keep prices elevated.