Much of the swing was tied to a decline in the value of mortgage servicing rights.

PrimeLending took an $8.3 million pre-tax loss in the first quarter of 2025.

Mr. Cooper's subservicing declined during the first quarter of 2025 as some customers left following Mr. Cooper's acquisition of Flagstar Bank.

The bulk of the first-quarter decline was in subservicing.

PennyMac Financial earned $76.3 million in the first quarter of 2025, down 27.0% from the fourth quarter.

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FHA’s COVID-19 loss-mitigation options will be rescinded and the Trump administration is taking a close look at the payment supplement program established during the Biden administration.