PennyMac Financial was the only top-five lender to post a decline in originations in the first quarter.

The proposal aims to address issues similar to those that led to the failure of Reverse Mortgage Funding.

Prepayment rates are expected to be higher than in previous refinance cycles because lenders have bumped up spending on technology to improve recapture rates and loan originators are eagerly anticipating increasing their volume.

"Current market conditions regarding pricing were excessive and restrictive," according to Sachem Capital.

Pending home sales declined by 2.1% on a monthly basis in May.

Servicers face more onerous advance requirements for delinquent loans in Ginnie MBS compared with loans in GSE MBS.

Holdings of agency pass-through securities at banks rose 8.6% during the first quarter to $398.47 billion.

John Bell, executive director of the VA Home Loan Guaranty Service, said the agency doesn’t support the partial claims bill without amendments.

Chase was the only servicer among the top five to have its nonprime mortgage servicing portfolio shrink between the fourth and the first quarters.

New-home sales declined by 11.3% in May.