First-lien mortgage originations remained in a trough in the first quarter of 2024.

Only 36% of the lenders participating in the MBA’s report turned a profit in 2023, down from a 53% share of participants in 2022.

Elevated interest rates and limited housing inventory led to a tepid increase in pending home sales in March.

The nonbank also saw low servicing-related income due to a large loss tied to hedging.

Originations dropped to varying degrees during the year at all of the top 10 lenders.

“There was a surprisingly strong reading of core PCE inflation,” said Joel Kan, a vice president and deputy chief economist at the Mortgage Bankers Association.

Examples from various industries, including the mortgage market, helped to push the FTC to issue the final rule.

Rising interest rates helped to lift the value of the nonbank's MSRs.

The civil monetary penalties resulting from the administrative actions were roughly $26.4 million.

Applications declined somewhat as interest rates increased.