Declining interest rates in January and February helped to push refinance business up, but not enough to offset the seasonal decline in purchase-mortgage lending in the first quarter.

“There’s probably more capital out there than what can truly trade on the MSR side,” said Chris King, a senior vice president of MSR channels at Rocket Mortgage.

The new deal increases the cash election from UWM’s previous offer from $11.30 to $12.00 per share, a $0.70 premium per stock compared to the deal the Two Harbors board accepted from CrossCountry Mortgage last month.

In a note to investors last week, Goldman Sachs Managing Director Arun Manohar said he is not particularly optimistic about the longer-term success of VantageScore 4.0 in the agency MBS market.

Redwood has begun marketing one expanded-credit MBS and one jumbo MBS.

“The market is forgetting how bad it can get because it’s been good for so long,” said Brian Simon, a managing director at Bungalow Funding, an MSR investor.

Higher revenues and lower expenses drive $3.56 billion in first quarter profits for the mortgage giant.

In the first quarter of 2025, Redwood Trust reported a $5.5 million loss.

According to the order, Chicago-based Federal Savings Bank sent millions of advertisements, telling consumers that they had “available funds” and should contact the bank; the ads were actually for a VA cash-out refi.

Fed holds rates steady for third time in a row; UWM adds VantageScore to reporting for conventional loans; Fresh housing supply boosts pending home sales in April.