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.

Ginnie Mae is instituting a temporary 10% cap on the share of mortgages with buydowns delivered into multiple issuer pools of Ginnie MBS.

FHFA Director Bill Pulte didn't participate in Freddie's first-quarter earnings call, as he did for Fannie's on Wednesday, but his presence was felt.

The share of refis with low loan-to-value ratios delivered to the GSEs increased in the first quarter of 2025.