A few years back mortgage giant UWM had no desire to process its own loans, opting instead to use subservicers. But those days are gone.

The REIT had $130.3 million of net income in the first quarter, down 72.5% compared with the previous quarter.

The House Financial Services Committee moved a bill forward that would reduce the budget for the Consumer Financial Protection Bureau by close to 70%.

UWM presently uses two subservicing vendors to handle its monthly processing chores: Cenlar FSB and Mr. Cooper, the latter of which is being sold to Rocket.

Property tax and insurance costs now account for more than 20% of a mortgage payment.

The data the Federal Reserve relies on shows a slowing economy but also increased risk of inflation.

There was also a slight year-over-year decline in Fannie servicing.

Fannie's previous forecast was released just prior to changes in tariff policies.

The REIT also had a $98.8 million loss during the quarter on interest rate swap and swaption agreements, which are used for hedging.

Home prices increased by 0.1% on a monthly basis in February.