The correspondent channel accounted for 32.9 percent of total first-lien originations, up from a 32.4 percent share the previous quarter.

Home prices increased by 1.7 percent in the first quarter of 2018, according to the Federal Housing Finance Agency’s house price index.

Rep. Jeb Hensarling, R-TX, chairman of the House Financial Services Committee, said Montgomery should “right size” the FHA.

Mike Crapo, R-ID, chairman of the committee, said housing finance reform is one of his top priorities.

Chase is the top contributor to the MBS with a 45.0 percent share, followed by United Shore Financial Services at 16.5 percent and Caliber Home Mortgage at 5.2 percent.

Applications for purchase mortgages and refinances both declined.

House Republicans, who previously said the Senate bill didn’t go far enough, said they will have a separate reg relief package to be considered by the Senate.

The FHFA said reviews have helped align GSE prepayment speeds in the past few years while helping to make sure MBS investors’ interest are considered in the equation.

The House decided to take a vote on the current Senate bill with no amendments and the Senate is expected to consider a separate deregulation package from the House.

Respondents to the Mortgage Bankers Association's quarterly mortgage banking performance survey reported, in aggregate, a negative margin in the “mid to high single digits” for the first quarter.