PulteGroup and NVR boosted mortgage originations on an annual basis in the first quarter of 2025.

“Conventional delinquencies remain near historical lows, but FHA and VA delinquencies are increasing at a faster pace,” MBA noted.

It’s the third year in a row that delinquencies declined in the first quarter following an increase the previous quarter.

“The level of the tariff increases announced so far is significantly larger than anticipated,” said Fed Chair Jerome Powell.

FHA’s COVID-19 loss-mitigation options will be rescinded and the Trump administration is taking a close look at the payment supplement program established during the Biden administration.

At March 31, USB serviced $216.7 billion of one- to four-family mortgages, almost flat compared to yearend.

“They’re making money, but they just don’t know how much longer they can hang on,” said Mark Garland, managing director of SitusAMC.

The new forecast follows tariff policy changes by the Trump administration.

Onslow Bay Financial, a subsidiary of Annaly, was the biggest buyer of MSRs in the first three months of 2025.

The coupon on the heavily California portfolio is 3.13%.